COQUITLAM, BC, Aug. 19, 2020 /CNW/ - Canada Silver Cobalt Works
Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the "Company" or "Canada
Silver Cobalt") is pleased to announce that further to its press
release dated August 14, 2020 whereby
the Company raised $3,193,730 in its
first tranche private placement closing, the Company will be
raising an additional $3,500,000 in
its second and final tranche of its non-brokered private placement
financing.
The Company will be issuing an additional 6,363,636 units
("Units") in the final 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's fees may be paid in connection with the final tranche
closing.
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 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.