COQUITLAM, BC, Sept. 13, 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 closed the
second and final tranche of its recently announced private
placement with strategic investors at 30
cents per unit, raising gross proceeds of $728,000 for the two tranches.
Proceeds of the private placement will be used to immediately
accelerate the company's various initiatives at the Castle mine and
property in the Gowganda Silver-Cobalt Camp, and for general
working capital purposes.
A total of 1,016,667 units were issued in the second tranche
($305,000) 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
closing at an exercise price of 50
cents per share.
All securities are subject to a four-month-and-a-day hold period
expiring on January 14, 2020, in
accordance with applicable securities laws. The private
placement is subject to the final approval of the TSX Venture
Exchange.
Finder's fees of $525 and 1,750
broker warrants, on the same terms as the private placement
warrants, are payable for the second tranche. Closing of the
first tranche, announced September 6,
2019, was for a revised total of $423,000 (1,410,000 units), bringing both
tranches to an over-subscribed total of $728,000 (2,426,667 units).
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.