Canada Cobalt Closes First Tranche, Increases Financing To $600,000
Canada Cobalt Closes First Tranche, Increases
Financing To $600,000
COQUITLAM, BC
,
Sept. 6, 2019
/CNW/ - Canada Cobalt Works Inc. (TSXV: CCW) (OTC:
CCWOF) (
Frankfurt
: 4T9B) (the "Company" or "Canada Cobalt") is pleased to announce that crews
are mobilizing next week to the Castle Silver-Cobalt mine near
Gowganda, Ontario
, to commence a
Phase 2 underground drill program and accelerate a series of additional initiatives.
The Company has closed the first
$475,000
of its recently announced private placement (refer to
August 23, 2019
news release) and has increased the financing with strategic investors to
$600,000
or two million units at
30 cents
per unit (see below for full terms). The second and final tranche will
close during the week of
September 9
.
Canada Cobalt issued 1,583,333 units at
30 cents
per unit in this first tranche with each unit
consisting 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 the closing of the offering at an exercise price of
50 cents
per share. No finders' fees are
payable in this first tranche. All securities are subject to a four-month and a day hold period expiring
on
January 7, 2020
in accordance with applicable securities laws and the private placement is also
subject to the final approval of the TSX Venture Exchange.
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/September2019/06/c0597.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 14:00e 06-SEP-19