Canada Silver Closes $2M Flow-Through Private Placement COQIUTLAM, BC,
Canada Silver Closes $2M Flow-Through
Private Placement
COQIUTLAM, BC,
June 30, 2021
/CNW/ - Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC:
CCWOF) (
Frankfurt
: 4T9B) (the "Company" or "Canada Silver Cobalt") announces that further to the
Company's news release dated
June 29, 2021
regarding the closing of the private placement, the
Company wishes to confirm that the Company issued 1,063,830 flow-through units ("FT Units") at a
price of
$0.47
per FT Unit raising gross proceeds of
$500,000
. The Company will also issued
2,941,176 Quebec FT Units ("QFT Units") at a price of
$0.51
per QFT Unit raising gross proceeds
$1,500,000
. In total the Company issued 4,005,006 combined FT and QFT Units, raising a total of
$2,000,000
.
Each FT and QFT Unit is comprised of one flow-through common share of the Company and one
half of one share purchase warrant. Each whole warrant will entitle the holder thereof to purchase
one additional common share of the Company at an exercise price of
$0.60
per share, for a period
of two years from closing, subject to TSX Venture Exchange ("Exchange") approval.
The proceeds of the FT private placement will be used for ongoing drilling of the Castle East
Robinson Zone discovery, near the town of
Gowganda
, Ontario. The proceeds of the QFT private
placement will be used for drill testing the recently staked Bouguer gravity anomalies and existing Ni-
Cu showings in
Quebec
.
GloRes Securities Inc., the lead finder for the financing, was paid
$140,000
in cash and 191,646
finder's warrants. An additional 88,704 finder warrants were issued to Marquest Asset
Management Inc. The finder's warrants are on the same terms as the financing warrants. The
finder's fees paid in connection with the private placement are subject to Exchange approval.
All securities issued in connection with the private placement will be subject to a four–month and a
day hold period expiring on
October 30, 2021
in accordance with applicable Canadian Securities
Laws.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt Works released the first-ever resource in the Gowganda Camp and greater
Cobalt Camp. The Castle Property is 15 km east of Aris Gold Corp's Juby gold deposit, 30 km due
south of Alamos Gold's
Young
-
Davidson
mine, 75 km southwest of
Kirkland Lake Gold's
Macassa
Complex, and 100 km southeast of new gold discoveries in the Timmins West area.
Canada Silver Cobalt Works released the first-ever resource in the Gowganda Camp and greater
Cobalt Camp in May 2020. A total of 7.56 million ounces of silver in Inferred resources comprising
very high-grade silver (8,582 grams per tonne un-cut or 250.2 oz/ton) in 27,400 tonnes of material
from two sections (1A and
1B
) of the Robinson Zone beginning at a vertical depth of approximately
400 meters were identified. The discovery remains open in all directions (mineral resources that are
not mineral reserves do not have demonstrated economic viability) (refer to Canada Silver Cobalt
Works Press Release
May 28
, 2020) Report reference: Rachidi, M. 2020, NI 43-101 Technical
Report Mineral Resource Estimate for Castle East, Robinson Zone,
Ontario, Canada
, with an
effective date of
May 28, 2020
, and a signature date of
July 13, 2020
).
Canada Silver Cobalt's flagship Castle mine and 78 sq. km Castle Property features strong
exploration upside for silver, cobalt, nickel, gold and copper in the prolific past producing
Gowganda
high-grade Silver District of
Northern Ontario
. With underground access at Castle, a pilot plant to
produce cobalt-rich gravity concentrates on site, a processing facility (TTL Laboratories) in the town
of Cobalt, 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
Silver Cobalt is strategically positioned to become a Canadian leader in the silver-cobalt space.
More information at
www.canadasilvercobaltworks.com
.
"Frank J. Basa"
Frank J. Basa
, P. Eng.
Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services 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 which include, but are not
limited to, comments that involve future events and conditions, which are subject to various risks
and uncertainties. Except for statements of historical facts, comments that address resource
potential, upcoming work programs, geological interpretations, receipt and security of mineral
property titles, availability of funds, and others are forward-looking. Forward-looking statements
are not guarantees of future performance and actual results may vary materially from those
statements. General business conditions are factors that could cause actual results to vary
materially from forward-looking statements.
SOURCE
Canada Silver Cobalt Works Inc.
View original content:
http://www.newswire.ca/en/releases/archive/June2021/30/c6944.html
%SEDAR: 00022378E
For further information:
Frank J. Basa, P.Eng., Chief Executive Officer, 416-625-2342
CO: Canada Silver Cobalt Works Inc.
CNW 18:18e 30-JUN-21