06:46 AM EDT, 07/04/2025 (MT Newswires) -- Cascadia Minerals ( CAMNF ) late on Thursday said it closed a non-brokered private placement, raising $2.3 million in connection with its planned acquisition of Granite Creek Copper.

The placement consists of 14.5 million subscription receipts at $0.14 apiece for proceeds of $2 million and 1.8 million units at $0.14 apiece for proceeds of $250,000.

Each subscription receipt entitles the holder to receive one unit of Cascadia consisting of one Cascadia share and one common share purchase warrant allowing for the purchase of an additional share at $0.24 apiece for a two-year period.

The Cascadia units also consist of one Cascadia share and one common share purchase warrants having the same terms as the warrants in the subscription receipts.

The proceeds will be held in escrow pending the closing of the Granite Creek acquisition. If closing does not occur by Aug. 29, the subscription receipts will be canceled and the escrowed proceeds returned to subscribers.

Proceeds will be used to pay expenses associated with the Granite Creek deal and to conduct exploration on the Carmacks project.