COQUITLAM, BC, Nov. 1, 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 increased its
non-brokered hard dollar private placement at 35 cents per unit to $1,250,000 from the previously announced
$1,000,000. The financing is
expected to close on or about November
8, 2019.
Each unit of the private placement (3,571,428 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 $0.55
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.
The expiry of the warrants may be accelerated if the closing
price of Canada Cobalt shares on the TSX Venture Exchange is at
least 75 cents 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.
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.