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.