Canada Cobalt Arranges $500,000 Private Placement

Canada Cobalt Arranges $500,000 Private

Placement

COQUITLAM, BC

,

Aug. 23, 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

$500,000

at

30 cents

per unit.

Proceeds of the financing, expected to close shortly, will go toward the start of a Phase 2

underground drill program commencing in September, surface site preparation/development for

other initiatives, regional exploration, Re-2OX and general working capital purposes.

Each unit of the private placement (1,666,667 units) comprises one 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

$0.50

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.

All securities issued in connection with the private placement are subject to a four-month and a day

hold period in accordance with applicable securities laws.

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/August2019/23/c6798.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 08:00e 23-AUG-19