Canada Cobalt Closes $1.4 Million Financing
Canada Cobalt Closes $1.4 Million Financing
COQUITLAM, BC
,
Nov. 14, 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 closed an over-subscribed hard dollar financing at
35 cents
per unit for total proceeds
of
$1,406,500
.
A total of 4,018,571 units were issued to strategic investors with this private placement. Each unit
consisted of one common share in the capital of the Company and one share purchase warrant.
Each warrant entitles the holder to purchase one share of the Company for a period of 24 months
from closing at an exercise price of
55 cents
per share.
The expiry of the warrants may be accelerated if the closing price of Canada Cobalt shares on the
TSX Venture Exchange is at least
75 cents
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.
Proceeds of the private placement will be used for the following:
1
) To further advance an ongoing
fall/winter underground drill program at the Castle Silver-Cobalt mine (45 shallow holes completed to
date);
2
) Castle East exploration and drilling;
3
) Voluntary environmental rehab at the Castle and
Beaver mines;
4
) Re-2OX initiatives;
5
) The proposed PolyMet facility acquisition (refer to
October
10, 2019
news release), expected to close shortly;
6
) General working capital purposes.
All securities are subject to a four-month-and-a-day hold period, expiring
March 15, 2020
, in
accordance with applicable securities laws. The private placement is subject to the final approval of
the TSX Venture Exchange.
No finder's fees are payable with this private placement.
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/November2019/14/c3147.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 11:00e 14-NOV-19