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Cascadia Minerals Completes Private Placement With Agnico Eagle, Other Investors

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Cascadia Minerals (CAM.V) on Thursday said it completed a non-brokered private placement with Agnico Eagle Mines (AEM.TO) and other investors, it said Thursday afternoon.

The company sold two types of shares. It issued about 19.3-million subscribed units to Agnico Eagle at $0.26 each, raising about $5 million. It also sold 10-million critical minerals flow-through (CFT) units to other investors at $0.384 each, raising about $3.8 million.

Proceeds from the sale of the subscribed units will be used for general working capital and to support the Carmacks project, and funds from the sale of the CFT units will be used for Canadian exploration expenses, the company added.

After the closing of the offering, Agnico Eagle now owns about 29.3-million Cascadia shares and nearly 14.7 million warrants, for a 14.17% stake in the company.

The company's shares closed down $0.02 to $0.32 on the TSX Venture Exchange.

Price: $0.32, Change: $-0.02, Percent Change: -5.88%

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