COQUITLAM, BC, Sept. 6, 2019 /CNW/ - Canada Cobalt Works Inc.
(TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the "Company" or "Canada
Cobalt") is pleased to announce that crews are mobilizing next week
to the Castle Silver-Cobalt mine near Gowganda, Ontario, to commence a Phase 2
underground drill program and accelerate a series of additional
initiatives.
The Company has closed the first $475,000 of its recently announced private
placement (refer to August 23, 2019
news release) and has increased the financing with strategic
investors to $600,000 or two million
units at 30 cents per unit (see below
for full terms). The second and final tranche will close
during the week of September 9.
Canada Cobalt issued 1,583,333 units at 30 cents per unit in this first tranche with each
unit consisting of one common share in the capital of the Company
and one share purchase warrant. Each warrant entitles the
holder to purchase one share of the Company for a period of 24
months from the closing of the offering at an exercise price of
50 cents per share. No finders'
fees are payable in this first tranche. All securities are subject
to a four-month and a day hold period expiring on January 7, 2020 in accordance with applicable
securities laws and the private placement is also subject to the
final approval of the TSX Venture Exchange.
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.