COQUITLAM, BC, Sept. 1, 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 19, 2020 the
Company has closed its second final tranche of its non-brokered
private placement financing, raising gross proceeds of $3,547,000. The Company closed the
1st tranche on August 14,
2020 raising $3,146,730.
The Company is pleased to report it has raised a total of
$6,693,730 in both tranches.
The Company has issued an additional 6,449,091 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' fees in the amount of $32,900 and the issuance of 59,818 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 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.