CSR Arranges Financing for $1 Million
CSR Arranges Financing for $1 Million
COQUITLAM, BC
,
Jan. 8, 2018
/CNW/ - Castle Silver Resources Inc. (TSX.V: CSR, OTC: TAKRF,
FRANKFURT
: 4T9B) (the "Company"
or "CSR") has arranged a non-brokered private placement for total proceeds of
$1,030,000
.
Proceeds from the hard dollar (non-flow-through) financing at
35 cents
per unit will go toward expanding the underground cobalt program at the
past producing Castle Silver mine near
Gowganda
, Ontario.
Private Placement Details
CSR will issue a total of 2,942,857 units at
35 cents
per unit. Each unit of the private placement comprises one 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
50 cents
per
share for a period of two years from closing, subject to TSX Venture Exchange approval. No finders' fees will be paid in connection with the
private placement.
All securities issued in connection with the private placement will be subject to a four-month-and-one-day hold period in accordance with
applicable securities laws.
About Castle Silver Resources Inc.
The Castle Silver mine, Beaver mine and Violet mine, all 100%-owned by CSR, are all past producing properties in the northern Ontario Silver-
Cobalt Camp. While they comprise only 2,840 hectares, they are sources of high-grade cobalt that can quickly be developed into a shovel-ready
state. The Company also owns the Re-2OX process which has been pilot-plant-tested to separate the various metals that comprise the
mineralization in the Cobalt Camp vein systems. The Company has been to
Japan
and
China
to meet with buyers of cobalt-based salts that are
used in the lithium battery market. Studies are underway to develop a milling processing facility and leach plant on one of the Castle Silver
Resources' properties.
"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.
View original content: http://www.newswire.ca/en/releases/archive/January2018/08/c8316.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 11:00e 08-JAN-18