On August 24, 2023, Cascadia Minerals Ltd. closed the transaction. The company issued 1,521,739 Critical Minerals flow-through units at an issue price of CAD 0.23 for the gross proceeds of CAD 349,999.97 and 7,382,562 Charity Critical Minerals Flow-Through Units at an issue price of CAD 0.25 per unit for the gross proceeds of CAD 1,845,640.5; aggregate gross proceeds of CAD 2,195,640.47. Each FT Unit comprises one flow-through common share and one-half of a transferrable common share purchase warrant issued on a non-flow through basis. Each CFT Unit consists of one charity flow-through common share and one-half of one Warrant. Each whole Warrant entitles the holder to purchase one additional common share at a price of CAD 0.25 until August 24, 2026. All of the securities issued pursuant to this private placement, including any common shares that may be issued pursuant to the exercise of the warrants, are subject to a hold period in Canada until December 25, 2023. The company's management and directors subscribed for 1,037,891 FT Units. Following the close, management and directors control approximately 4% of the issued and outstanding shares of Cascadia. The transaction also included participation from returning investor Hecla Mining Company who purchased 1,772,000 CFT Units for aggregate consideration of CAD 318,960.
On September 5, 2023, the company announced that the transaction has been approved by the TSX Venture Exchange. The company paid finder's fees of CAD 100,000 in the transaction. The transaction included participation from 17 placees.