Canada Silver Cobalt Closes 2nd Final Tranche Private Placement
Canada Silver Cobalt Closes 2nd Final
Tranche Private Placement
COQUITLAM, BC
,
Sept. 1, 2020
/CNW/ - Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC:
CCWOF) (
Frankfurt
: 4T9B) (the "Company" or "Canada Silver Cobalt") is pleased to announce that
further to its press release dated
August 19, 2020
the Company has closed its second final tranche
of its non-brokered private placement financing, raising gross proceeds of
$3,547,000
. The
Company closed the 1
st
tranche on
August 14, 2020
raising
$3,146,730
. The Company is pleased
to report it has raised a total of
$6,693,730
in both tranches.
The Company has issued an additional 6,449,091 units ("Units") in the final closing. 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
$0.65
per share, for a period of three years from closing, subject to TSX
Venture Exchange ("Exchange") final approval.
The proceeds of the private placement will be used for ongoing drilling of the Castle East Robinson
Zone discovery, near the town of
Gowganda, Ontario
and for general working capital.
Finder' fees in the amount of
$32,900
and the issuance of 59,818 finder warrants were paid in
connection with the 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 are subject to a four–month and a day
hold period in accordance with applicable Canadian Securities Laws.
About Canada Silver Cobalt Works Inc.
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-Cobalt District of
Northern Ontario
. With an important new discovery at Castle
East, underground access at the Castle mine, a processing facility (TTL Laboratories) in the nearby
town of Cobalt, a proprietary hydrometallurgical process known as Re-2OX, and the Beaver and
Violet properties, CCW 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/September2020/01/c6913.html
%SEDAR: 00022378E
For further information:
Frank J. Basa, P.Eng., CEO, 1-416-625-2342; Wayne Cheveldayoff,
Corporate Communications, [email protected], 1-416-710-2410
CO: Canada Silver Cobalt Works Inc.
CNW 15:06e 01-SEP-20