Canada Cobalt Closes Over-Subscribed Private Placement for $728,000
Canada Cobalt Closes Over-Subscribed
Private Placement for $728,000
COQUITLAM, BC
,
Sept. 13, 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 the second and final tranche of its recently announced private placement with
strategic investors at
30 cents
per unit, raising gross proceeds of
$728,000
for the two tranches.
Proceeds of the private placement will be used to immediately accelerate the company's various
initiatives at the Castle mine and property in the Gowganda Silver-Cobalt Camp, and for general
working capital purposes.
A total of 1,016,667 units were issued in the second tranche
($305,000)
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 closing at
an exercise price of
50 cents
per share.
All securities are subject to a four-month-and-a-day hold period expiring on
January 14, 2020
, in
accordance with applicable securities laws. The private placement is subject to the final approval of
the TSX Venture Exchange.
Finder's fees of
$525
and 1,750 broker warrants, on the same terms as the private placement
warrants, are payable for the second tranche. Closing of the first tranche, announced
September 6,
2019
, was for a revised total of
$423,000
(1,410,000 units), bringing both tranches to an over-
subscribed total of
$728,000
(2,426,667 units).
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/September2019/13/c9586.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 13-SEP-19