Gold Fields is continuing exploration in 2012 on the Company's Toodoggone Project is completing its third investment in Cascadero by subscribing for 625,000 Units at C$0.16 per Unit for total proceeds of C$100,000. Each unit is comprised of one common share and one warrant, whereby the warrant entitles the holder to purchase one additional common share at C$0.19 for a period of one-year from closing. The Units are subject to a four-month hold period.
Completion of the financing is subject to regulatory approval, including acceptance by the TSX Venture Exchange. Subject to closing, Cascadero has ~121.0 million shares issued. Cascadero intends to use the proceeds for general working capital purposes.
Cascadero Copper is focused on copper-gold porphyry prospects in British Columbia and Argentina and sediment hosted gold prospects in Ontario, Canada.
On March 6th 2009 Cascadero Copper Corporation ("Cascadero") signed an Option and Joint Venture Exploration Agreement (the "Option Agreement") with Gold Fields Toodoggone Exploration Corporation ("Gold Fields"), a wholly owned subsidiary of Gold Fields Netherlands Services BV ("Gold Fields Netherlands") and a member of the Gold Fields Limited group of companies. Pursuant to the Option Agreement Gold Fields can earn a 51% interest in Cascadero's Toodoggone Project in British Columbia, Canada, by spending at least C$5 million over an initial three year option period. Gold Fields can earn a further 24% interest by completing a feasibility study or sole funding a further C$15 million in expenditures.