Castle Oversubscribes and Closes Private Placement
Castle Oversubscribes and Closes Private Placement
COQUITLAM, BC
,
March 16, 2017
/CNW/ - Castle Silver Resources Inc. (TSXV:CSR, OTC:TAKRF, FRANKFURT:4T9B) (the "Company" or "Castle"), is pleased
to announce that further to its news release dated
March 3, 2017
, the Company has oversubscribed and closed its private placement offering, raising gross
proceeds of
$952,685
. The Company issued 6,351,233 units at a price of
$0.15
per unit.
Each unit comprises one common share and one share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share
of the Company at an exercise price of
$0.20
per share for a period of two years from closing, subject to TSX Venture Exchange ("Exchange") approval. The
expiry of the warrants may be accelerated if the closing price of the Company's shares on the TSX Venture Exchange is at least
$0.30
per share for a period of 10
consecutive trading days during the term of the warrant. The Company may accelerate the expiry of the warrants to 20 calendar days from the date express
written notice is given by the Company to the holder.
Finder's fees were paid in connection with the private placement in the amount of
$19,047
cash and 126,980 broker warrants on the same terms as the purchaser
warrants, subject to Exchange approval.
All securities issued in connection with the private placement are subject to a four-month and a day hold period expiring on
July 17, 2017
, in accordance with
applicable Securities Laws.
Proceeds of the private placement will be used to expand ongoing programs at the Castle and Beaver properties, past producing silver-cobalt mines, and for
general working capital purposes.
About Castle Silver Resources Inc.
Castle Silver Resources Inc. (formerly Takara Resources Inc.) is a TSX Venture-listed junior natural resource company focusing on the exploration and
development of former silver and cobalt mine properties in northern
Ontario
including the Castle Silver mine near
Gowganda
and the Beaver and Violet mines near
Cobalt. Additional information on the Company's properties is available by visiting its website at
www.CastleSilverResources.com
.
"Frank J. Basa"
Frank J. Basa P. Eng
.
President and 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
Castle Silver Resources Inc.
To view the original version on PR Newswire, visit: http://www.newswire.ca/en/releases/archive/March2017/16/c7369.html
%SEDAR: 00022378E
For further information:
Frank J. Basa, P. Eng., President and CEO at 1-819-797-4144, or Wayne Cheveldayoff, Investor Relations,
[email protected], 416-710-2410
CO: Castle Silver Resources Inc.
CNW 07:30e 16-MAR-17