November 15, 2011 14:36 ET

Cascadia Announces Private Placement Closing

CALGARY, ALBERTA--(Marketwire - Nov. 15, 2011) - Cascadia Resources Inc. (TSX VENTURE:CCR) (the "Corporation") announces that it has closed its previously announced non-brokered private placement and issued 3,005,000 Common Shares on a flow-through basis ("Flow-through Shares") at a price of $0.12 per share for proceeds of $360,600 (the "Private Placement"). The Corporation waived the previously announced minimum for the Private Placement in order to accept subscriptions prior to drilling results being encountered. The Private Placement will be subject to final approval by the TSX Venture Exchange and to a hold period expiring March 16, 2012.

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, a director of the Corporation, and Trish Olynyk, the CFO of the Corporation (collectively, the "Related Parties"), participated in the Private Placement. In particular, Mr. Bowerman, his spouse and a company he controls subscribed for 1,450,000 Flow-through Shares and Mr. Bowerman now owns, controls or directs 5,827,832 Common Shares (19.7 % of the outstanding Common Shares) and Ms. Olynyk subscribed for 850,000 Flow-through Shares and now owns 1,737,944 Common shares (5.8 % of the outstanding Common Shares).

The Private Placement was approved by one of the three directors, Gordon Bowerman and James Evaskevich having abstained from the vote. The director 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.

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)