Cassiar Gold (TSX-V:GLDC) is conducting a non-brokered private placement of flow-through units to raise C$5 million ($5.62 million) to fund ongoing and future exploration drilling programs at its namesake project in Canada.
Each flow-through (FT) unit will comprise one common share at C$0.36 per FT unit — issued on a Canadian Exploration Expense (CEE) flow-through basis pursuant the Income Tax Act — and one common share purchase warrant.
The warrants are exercisable at C$0.50 for a 24-month period following the closing date of the offering.
The offering is expected to close on or before 10 July 2025. The placement is also subject to certain conditions, including necessary approvals.
CEE refers to costs incurred by a company for exploring and developing mineral resources in Canada. A CEE flow-through refers to a tax-based financing incentive where investors purchase shares and the company renounces its CEE to the investor.
The company will use the funds from the capital raise to incur eligible Canadian exploration expenses on its Cassiar Gold Project. Such expenses are to be incurred on or before 31 December 2026.
Cassiar Gold will renounce all the qualifying expenditures in favour of the subscribers of the FT units on 31 December 2025.
The company notes certain insiders are anticipated to participate in the placement.
The Cassiar Gold Project, located in northern British Columbia, Canada, covers 59,000 hectares. The project also has a 300 tonnes per day mill for future operations and a permanent camp for the team.
Speaking to Mining.com.au, CEO Marco Roque says the company’s assets are situated in one of the best scale districts, which boasts five producing mines, and access to infrastructure.
Roque notes that the footprint of the Cassiar Gold deposit is a small percentage of the company’s entire land package, meaning there is plenty of potential upside.
“There’s a lot of room to grow, still,” the CEO says.
Cassiar Gold is a Canadian mineral explorer focused on discoveries within its two gold projects in British Columbia named the Cassiar Gold and the Sheep Creek projects.
Write to Aaliyah Rogan at Mining.com.au
Images: Cassiar
