Canada Silver Cobalt Completes Asset Acquisition From Polymet Resources
Canada Silver Cobalt Completes Asset
Acquisition From Polymet Resources
COQUITLAM, BC
,
July 31, 2020
/CNW/ - Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC:
CCWOF) (
Frankfurt
: 4T9B) (the "Company" or "Canada Silver Cobalt") is pleased to report that it
has completed its previously-announced acquisition of the assets of Polymet Resources Inc.,
including an assay laboratory and bulk sampling plant located in
Cobalt, Ontario
. The asset
acquisition was effected through Temiskaming Testing Laboratories Inc., a wholly-owned subsidiary
of Canada Silver Cobalt.
In payment for the assets, Canada Silver Cobalt issued 690,409 shares to Polymet Resources at a
deemed price of
$0.45
per share, for total deemed consideration of approximately
$311,000
.
Canada Silver Cobalt also assumed outstanding liabilities of Polymet Resources in an amount of
approximately
$339,000
. Each of the shares was accompanied by one common share purchase
warrant. Each warrant entitles Polymet Resources to acquire one additional common share of
Canada Silver Cobalt at a price of
$0.50
for a period of two years. The shares and warrants are
subject to a four-month hold period in accordance with applicable securities regulations and the
policies of the TSX Venture Exchange.
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/July2020/31/c6467.html
%SEDAR: 00022378E
For further information:
Frank J. Basa, P.Eng., CEO, 1-416-625-2342; Marc Bamber, Director,
[email protected], +44-7725-960939
CO: Canada Silver Cobalt Works Inc.
CNW 12:52e 31-JUL-20