Canada Cobalt Increases Financing to 1,250,000
Canada Cobalt Increases Financing to
1,250,000
COQUITLAM, BC
,
Nov. 1, 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 increased its non-brokered hard dollar private placement at
35 cents
per unit to
$1,250,000
from the previously announced
$1,000,000
. The financing is expected to close on or about
November 8
, 2019.
Each unit of the private placement (3,571,428 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
$0.55
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
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.
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/November2019/01/c3646.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 07:00e 01-NOV-19