December 15, 2010 11:28 ET

Cascadia Announces Private Placement and Management Change

CALGARY, ALBERTA--(Marketwire - Dec. 15, 2010) - Cascadia Resources Inc. (the "Corporation") (TSX VENTURE:CCR) announces a non- brokered private placement of a minimum of 4,000,000 and a maximum of 10,000,000 common shares of the Corporation to be issued on a flow-through basis ("Flow-through Shares") at a price of $0.10 per share for proceeds of $400,000 to $1,000,000 (the "Private Placement"). Proceeds from the private placement will be used to fund exploration and development drilling and related activities on properties farmed into or to be acquired. The Private Placement will be subject to approval by the TSX Venture Exchange.

Pursuant to the policies of the TSX Venture Exchange and Multilateral Instrument 61-101, the Private Placement is classified as a "related party transaction" as Gordon Bowerman and James Evaskevich, directors of the Corporation, and Trish Olynyk, the CFO of the Corporation intend to subscribe for an as yet undetermined amount of the Private Placement (collectively the "Related Parties").

The Private Placement was approved by two of the four directors, the two Related Party directors having abstained from the vote. The directors who voted determined that exemptions from the formal valuation and minority shareholder approval requirements under the Multilateral Instrument 61-101, are available since the fair market value of the consideration paid by the Related Parties in connection with the Private Placement is for an amount less than $2,500,000.

The Corporation also announces that James Evaskevich has stepped down as President of the Corporation, but remains a director of the Corporation. Gordon Bowerman has accepted the position of President for an interim period while the Corporation looks for a permanent replacement for Mr. Evaskevich.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Cascadia Resources Inc.
    Gordon Bowerman
    (403) 262-9177
    (403) 262-8284 (FAX)