Canada Silver Cobalt Closes 2nd Final Tranche of Private Placement
CANADA SILVER COBALT
CLOSES 2nd FINAL TRANCHE OF PRIVATE PLACEMENT
Coquitlam, BC, May 11, 2023 - 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 April 14, 2023 the Company has closed the 2nd final tranche of a non-
brokered private placement by way of issuing 9,331,000 non-flow-through units (“Units”) at a price
of $0.05 per Unit raising gross proceeds of $466,550. The Company also issued 3,628,125 Quebec
Flow-through Units (“QFT Units”) at a price of $0.08 per QFT Unit raising gross proceeds of $290,250
for an aggregate of $756,800 in the 2 nd and final tranche together with the 1 st tranche closing of
$825,100 the total gross proceeds raised in both tranches are $1,581,900. The financing is subject to
final TSX Venture Exchange (“Exchange”) acceptance.
Each Unit is comprised of one common share of the Company and 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 $0.075 per share for a period of two years from closing.
Each QFT Unit is comprised of one flow-through common share of the Company and 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 $0.10 per share, for a period of three years
from closing.
The proceeds of the Units will be used for drilling on the Castle East Robinson Zone discovery, near
the town of Gowganda, Ontario and for general working capital. 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.
Finder’s fees in the amount of $37,649.50 were paid in cash, 281,156 ϐinder shares were issued at a
deemed price of $0.08 per share and 533,619 ϐinder’s warrants were issued. 393,619 of the ϐinder’s
warrants are exercisable at $0.10 per for a period of three years from closing and 140,000 ϐinder’s
warrants are exercise ale at $0.075 per share for a period of two years from closing. The ϐinder’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 September 12, 2023 in accordance with applicable Canadian Securities
Laws.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt Works Inc. recently discovered a major high-grade silver vein system at Castle
East located 1.5 km from its 100%-owned, past-producing Castle Mine near Gowganda in the proliϐic
and world-class silver-cobalt mining district of Northern Ontario. The Company has completed a
60,000m drill program aimed at expanding the size of the deposit with an update to the resource
estimate underway.
In May 2020, based on a small initial drill program, the Company published the region’s ϐirst 43-101
resource estimate that contained 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 Castle East Robinson Zone, beginning at a vertical
depth of approximately 400 meters. Note that mineral resources that are not mineral reserves do not
have demonstrated economic viability. Please refer to Canada Silver Cobalt Works Press Release May
28, 2020, for the resource estimate. 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.
The Company also has: (1) 14 battery metals properties in Northern Quebec where it has recently
completed a nearly 16,000-metre drill program on the Graal property; and (2) the prospective 1,000-
hectare Eby-Otto gold property close to Agnico Eagle’s high-grade Macassa Mine near Kirkland Lake,
Ontario where it is exploring. (3) lithium property – 230 square kilometers of greenϐield exploration
ground focussed along a signi ϐicant volcanic sedimentary rock – Archean granite contact near
Cochrane, Ontario contiguous to Power Metals’ Case Lake Lithium properties.
Canada Silver Cobalt’s ϐlagship silver-cobalt Castle mine and 78 sq. km Castle Property feature strong
exploration upside for silver, cobalt, nickel, gold, and copper. With underground access at the fully
owned Castle Mine, an exceptional high-grade silver discovery at Castle East, a pilot plant to produce
cobalt-rich gravity concentrates, 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 Ofϐicer
For further information, contact:
Frank J. Basa, P .Eng.
Chief Executive Ofϐicer
416-625-2342
Or:
Wayne Cheveldayoff,
Corporate Communications
P: 416-710-2410
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is deϔined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is deϔined 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. A detailed discussion of the risk factors encountered by Canada Silver Cobalt is available in the Company’s
Annual Information Form dated July 19, 2021 for the ϔiscal year ended December 31, 2020 available under the Company’s
proϔile on SEDAR at www.sedar.com.