11:33 AM EDT, 04/02/2024 (MT Newswires) -- Cassiar Gold ( CGLCF ) said Tuesday it plans to raise gross proceeds of up to C$2 million via an insider-led, non-brokered private placement of flow-through and common-share units.

The company plans to use the proceeds to fund ongoing and future exploration and drill programs and general working capital, at its flagship Cassiar Gold Project in northern British Columbia, Canada.

Each common-share unit will consist of one share at C$0.25 apiece and a warrant. Each flow-through unit will consist of one tax-advantaged share at C$0.35 issued on a "Canadian Exploration Expense flow-through" basis, and one warrant. Each warrant will be exercisable by the holder to buy one common share at C$0.50 for 24 months following the closing date of the offering.

The company did not specify how many units of either type is available in the financing.

The company's shares were last seen down C$0.005 to C$0.295 on the TSX Venture Exchange.

Price: 0.30, Change: -0.01, Percent Change: -1.67