Canada Silver Cobalt Closes First Tranche of Private Placement
CANADA SILVER COBALT
CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT
Coquitlam, BC, April 14, 2023 - Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF)
(Frankfurt: 4T9B) (the “Company” or “Canada Silver Cobalt”) announces that the Company has closed
the first tranche of a non-brokered private placement by way of issuing 6,950,000 non-flow-through
units (“Units”) at a price of $0.05 per Unit raising gross proceeds of $347,500. The Company will also
be issuing 5,970,000 Quebec Flow-through Units (“QFT Units”) at a price of $0.08 per QFT Unit raising
gross proceeds $477,600 for an aggregate of $825,100.
The Company also announces that it plans to issue up to an additional 13,050,000 Units raising gross
proceeds of $652,500 and 6,530,000 QFT Units raising gross proceeds of $522,400 in a second final
tranche closing in the in the coming weeks. Additional finder’s fees will be paid on behalf of the
private placement. The private placement is subject to final TSX Venture Exchange (“Exchange”)
approval.
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.
GloRes Securities Inc., the lead ϐinder for the ϐinancing, was paid $18,500 in cash and 231,250 ϐinder’s
warrants. An additional $10,500 cash and 131,250 ϐinder warrants were also paid to Qwest
Investment Fund Management Ltd. The ϐinder’s warrants are at an exercise price of $0.08 per share,
for a period of three 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 August 15, 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 de ϐined 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 de ϐined 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 In formation Form dated July 19, 2021 for the ϐiscal year ended
December 31, 2020 available under the Company’s proϐile on SEDAR at www.sedar.com.