COQUITLAM, BC, Aug. 23, 2019 /CNW/ - Canada Cobalt Works
Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the "Company" or "Canada
Cobalt") is pleased to announce that the Company has arranged a
non-brokered hard dollar private placement with strategic investors
to raise gross proceeds of $500,000
at 30 cents per unit.
Proceeds of the financing, expected to close shortly, will go
toward the start of a Phase 2 underground drill program commencing
in September, surface site preparation/development for other
initiatives, regional exploration, Re-2OX and general working
capital purposes.
Each unit of the private placement (1,666,667 units) 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 $0.50
per share for a period of two years from closing, subject to TSX
Venture Exchange approval. Finders' fees may be paid in connection
with the private placement, subject to Exchange policies and
approval.
All securities issued in connection with the private placement
are subject to a four-month and a day hold period in accordance
with applicable securities laws.
About Canada Cobalt Works Inc.
Canada Cobalt has 100% ownership of the Castle mine and the 78
sq. km Castle Property with strong exploration upside in the
prolific past producing Gowganda
high-grade Silver Camp of Northern Ontario. With underground
access at Castle, a pilot plant to produce cobalt-rich gravity
concentrates on site, and a proprietary hydrometallurgical process
known as Re-2OX for the creation of technical grade cobalt sulphate
as well as nickel-manganese-cobalt (NMC) formulations, Canada
Cobalt is strategically positioned to become a vertically
integrated North American leader in cobalt extraction and recovery
while it also exploits a powerful new silver-gold market
cycle.
"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 Canada Cobalt Works Inc.