COQUITLAM, BC, Aug. 14, 2020 /CNW/ - Canada Silver Cobalt Works
Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the "Company" or "Canada
Silver Cobalt") is pleased to announce that the Company has closed
the first tranche of its non-brokered private placement financing,
raising gross proceeds of $3,193,730
with a lead order from Palisades Goldcorp Ltd.
The Company has issued 5,806,782 units ("Units") in the first
tranche closing. Each Unit is comprised of one common share
of the Company and one share purchase warrant. Each whole
warrant will entitle the holder thereof to purchase one additional
common share of the Company at an exercise price of $0.65 per share, for a period of three years from
closing, subject to TSX Venture Exchange ("Exchange") final
approval.
The proceeds of the private placement will be used for ongoing
drilling of the Castle East Robinson Zone discovery, near the town
of Gowganda, Ontario and for
general working capital.
Finder' fees in the amount of $90,247.50 and the issuance of 164,086 finder
warrants were paid in connection with the private placement.
The finder's warrants are on the same terms as the financing
warrants. The finder fees are subject to Exchange
approval.
All securities issued in connection with the private placement
are subject to a four–month and a day hold period in accordance
with applicable Canadian Securities Laws.
About Palisades GoldCorp.
Palisades Goldcorp is Canada's
new resource focused merchant bank. Palisades' management team has
a demonstrated track record of making money and is backed by many
of the industry's most notable financiers. With junior resource
equities valued at generational lows, management believes the
sector is on the cusp of a major bull market move. Palisades is
positioning itself with significant stakes in undervalued companies
and assets with the goal of generating superior returns.
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.