COQUITLAM, BC, Nov. 25, 2020 /CNW/ - Canada Silver Cobalt Works
Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the "Company" or "Canada
Silver Cobalt") announces that the Company has closed a
non-brokered private placement by way of issuing 4,288,778
flow-through units ("FT Units") at a price of $0.63 per FT Unit raising gross proceeds of
$2,701,930. The Company will
also be issuing 3,308,824 Quebec FT Units at a price of
$0.68 per QFT Unit raising gross
proceeds $2,250,000. The
Company is raising in total $4,951,930.
Each FT and QFT Unit is comprised of one flow-through common
share of the Company and one half of 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 $0.80 per share,
for a period of two years from closing, subject to TSX Venture
Exchange ("Exchange") approval.
The Company has paid Finder fees in the amount of $129,304 and issued 198,533 finder warrants in
connection with the FT and QFT 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
will be subject to a four–month and a day hold period expiring on
March 26, 2020 in accordance with
applicable Canadian Securities Laws.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt Works released the first-ever resource in
the Gowganda Camp and greater Cobalt Camp. In May 2020. A
total of 7.56 million ounces of silver in Inferred
resources comprising very high-grade silver (8,582 grams per
tonne un-cut or 250.2 oz/ton) in 27,400 tonnes of material
from two sections (1A and 1B) of the
Robinson Zone beginning at a vertical depth of approximately 400
meters. The discovery remains open in all directions (1A and
1B are approximately 800 meters from
the east-trending Capitol Mine workings) (mineral resources
that are not mineral reserves do not have demonstrated economic
viability) (refer to Canada Silver Cobalt Works Press Release
May 28, 2020).
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 District of
Northern Ontario. With underground
access at Castle, a pilot plant to produce cobalt-rich gravity
concentrates on site, a processing facility (TTL Laboratories) in
the town of Cobalt, 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
Silver Cobalt 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.