Canada Silver Closes $4.9M Flow-Through Private Placement
Canada Silver Closes $4.9M Flow-Through
Private Placement
COQUITLAM, BC
,
Nov. 25, 2020
/CNW/ - Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC:
CCWOF) (
Frankfurt
: 4T9B) (the "Company" or "Canada Silver Cobalt") announces that the Company
has closed a non-brokered private placement by way of issuing 4,288,778 flow-through units ("FT
Units") at a price of
$0.63
per FT Unit raising gross proceeds of
$2,701,930
. The Company will also
be issuing 3,308,824 Quebec FT Units at a price of
$0.68
per QFT Unit raising gross proceeds
$2,250,000
. The Company is raising in total
$4,951,930
.
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
$0.80
per share, for a period
of two years from closing, subject to TSX Venture Exchange ("Exchange") approval.
The Company has paid Finder fees in the amount of
$129,304
and issued 198,533 finder warrants in
connection with the FT and QFT private placement. The finder's warrants are on the same terms as
the financing warrants. The finder fees 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
March 26, 2020
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. 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. The discovery remains open in all directions (1A and
1B
are
approximately 800 meters from the east-trending Capitol Mine workings) (mineral resources that are
not mineral reserves do not have demonstrated economic viability) (refer to Canada Silver Cobalt
Works Press Release
May 28, 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.
"Frank J. Basa"
Frank J. Basa
, P. Eng.
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 Silver Cobalt Works Inc.
View original content:
http://www.newswire.ca/en/releases/archive/November2020/26/c4604.html
%SEDAR: 00022378E
For further information:
Frank J. Basa, P.Eng., Chief Executive Officer, 416-625-2342
CO: Canada Silver Cobalt Works Inc.
CNW 00:02e 26-NOV-20