COQUITLAM, BC, Nov. 14, 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 an
over-subscribed hard dollar financing at 35
cents per unit for total proceeds of $1,406,500.
A total of 4,018,571 units were issued to strategic investors
with this private placement. Each unit consisted 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 55 cents per share.
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.
Proceeds of the private placement will be used for the
following: 1) To further advance an ongoing fall/winter
underground drill program at the Castle Silver-Cobalt mine (45
shallow holes completed to date); 2) Castle East exploration
and drilling; 3) Voluntary environmental rehab at the Castle
and Beaver mines; 4) Re-2OX initiatives; 5) The
proposed PolyMet facility acquisition (refer to October 10, 2019 news release), expected to close
shortly; 6) General working capital purposes.
All securities are subject to a four-month-and-a-day hold
period, expiring March 15, 2020, in
accordance with applicable securities laws. The private placement
is subject to the final approval of the TSX Venture Exchange.
No finder's fees are payable with this private placement.
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.