COQUITLAM, BC, May 19, 2017 /CNW/ - Castle Silver Resources Inc.
(TSX.V: CSR, OTC: TAKRF, FRANKFURT: 4T9B) (the "Company" or "CSR"), is
pleased to announce that it has closed the first tranche of a
strategic private placement, raising gross proceeds of $500,000. The Company issued 2,500,000
units at a price of $0.20 per unit
and expects to soon close a second and final tranche of up to an
additional $250,000.
Frank Basa, President and CEO,
stated: "Underground access at the Castle mine and our unique
Re-2OX hydrometallurgical process to create high purity Cobalt
powders for end users in the battery sector have established CSR as
the innovation, exploration and development leader in Canada's richest Cobalt-Silver district."
Financing Terms
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 $0.30 per share for a period
of two years from closing, subject to TSX Venture Exchange
("Exchange") approval.
Finder's fees were paid in connection with the initial tranche
in the amount of $30,000 cash and
150,000 broker warrants on the same terms as the purchaser
warrants, subject to Exchange approval. All securities are
subject to a four-month and a day hold period expiring on
September 20, 2017, in accordance
with applicable securities laws.
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-Cobalt 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.