COQUITLAM, BC, July 31, 2020 /CNW/ - Canada Silver Cobalt
Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the "Company" or "Canada
Silver Cobalt") is pleased to report that it has completed its
previously-announced acquisition of the assets of Polymet Resources
Inc., including an assay laboratory and bulk sampling plant located
in Cobalt, Ontario. The asset
acquisition was effected through Temiskaming Testing Laboratories
Inc., a wholly-owned subsidiary of Canada Silver Cobalt.
In payment for the assets, Canada Silver Cobalt issued 690,409
shares to Polymet Resources at a deemed price of $0.45 per share, for total deemed consideration
of approximately $311,000. Canada
Silver Cobalt also assumed outstanding liabilities of Polymet
Resources in an amount of approximately $339,000. Each of the shares was accompanied by
one common share purchase warrant. Each warrant entitles
Polymet Resources to acquire one additional common share of
Canada Silver Cobalt at a price of $0.50 for a period of two years. The shares and
warrants are subject to a four-month hold period in accordance with
applicable securities regulations and the policies of the TSX
Venture Exchange.
About Canada Silver Cobalt Works Inc.
Canada Silver
Cobalt's flagship Castle mine and 78 sq. km Castle Property
features strong exploration upside for silver, cobalt, nickel, gold
and copper in the prolific past producing Gowganda high-grade Silver-Cobalt District of
Northern Ontario. With an
important new discovery at Castle East, underground access at the
Castle mine, a processing facility (TTL Laboratories) in the nearby
town of Cobalt, a proprietary
hydrometallurgical process known as Re-2OX, and the Beaver and
Violet properties, CCW is strategically positioned to become a
Canadian leader in the silver-cobalt space.
"Frank J. Basa"
Frank J. Basa, P. Eng.
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 Silver Cobalt Works Inc.