Canada Cobalt Arranges $1 Million Private Placement
Canada Cobalt Arranges $1 Million Private
Placement
COQUITLAM, BC
,
Sept. 27, 2019
/CNW/ - Canada Cobalt Works Inc. (TSXV: CCW) (OTC:
CCWOF) (
Frankfurt
: 4T9B) (the "Company" or "Canada Cobalt") is pleased to announce that the
Company has arranged a non-brokered hard dollar private placement with strategic investors to
raise gross proceeds of
$1,000,000
at
35 cents
per unit.
Each unit of the private placement (2,857,143 units) comprises one common share and one share
purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common
share of the Company at an exercise price of
$0.55
per share for a period of two years from
closing, subject to TSX Venture Exchange approval. Finders' fees may be paid in connection with the
private placement, subject to Exchange policies and approval.
The expiry of the warrants may be accelerated if the closing price of Canada Cobalt shares on the
TSX Venture Exchange is at least
$0.75
per share for a period of 10 consecutive trading days during
the term of the warrant. The Company may accelerate the expiry of the warrants to 20 calendar
days from the date express written notice is given by the Company to the holder.
All securities issued in connection with the private placement will be subject to a four-month and a
day hold period in accordance with applicable securities laws.
Proceeds of the financing will go toward programs outlined in
Canada
Cobalt's
August 23, 2019
,
news release, as the Company accelerates various initiatives as a district leader in the Northern
Ontario Silver-Cobalt Camp.
About Canada Cobalt Works Inc.
Canada Cobalt has 100% ownership of the Castle mine and the 78 sq. km Castle Property with
strong exploration upside in the prolific past producing
Gowganda
high-grade Silver Camp of
Northern Ontario. With underground access at Castle, a pilot plant to produce cobalt-rich gravity
concentrates on site, and a proprietary hydrometallurgical process known as Re-2OX for the
creation of technical grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations,
Canada Cobalt is strategically positioned to become a vertically integrated North American leader in
cobalt extraction and recovery while it also exploits a powerful new silver-gold market cycle.
"Frank J. Basa"
Frank J. Basa
, P. Eng.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release. This news release may contain forward-looking statements including but not limited to
comments regarding the timing and content of upcoming work programs, geological interpretations,
receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements
address future events and conditions and therefore, involve inherent risks and uncertainties. Actual
results may differ materially from those currently anticipated in such statements.
SOURCE
Canada Cobalt Works Inc.
View original content:
http://www.newswire.ca/en/releases/archive/September2019/27/c7805.html
%SEDAR: 00022378E
For further information:
Frank J. Basa, P.Eng., President and CEO, 1-416-625-2342; Marc
Bamber, Director, [email protected], +44-7725-960939
CO: Canada Cobalt Works Inc.
CNW 07:30e 27-SEP-19