COQUITLAM, BC, June 29, 2021 /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 1,063,830
flow-through units ("FT Units") at a price of $0.47 per FT Unit raising gross proceeds of
$500,000. The Company will also
be issuing 4,005,006 Quebec FT Units ("QFT Units") at a price of
$0.41 per QFT Unit raising gross
proceeds $1,500,000. The
Company is raising in total $2,000,000.
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 $0.60 per share,
for a period of two years from closing, subject to TSX Venture
Exchange ("Exchange") approval.
The proceeds of the FT private placement will be used for
ongoing drilling of the Castle East Robinson Zone discovery, near
the town of Gowganda,
Ontario. The proceeds of the QFT private placement will be
used for drill testing the recently staked Bouguer gravity
anomalies and existing Ni-Cu showings in Quebec.
GloRes Securities Inc., the lead finder for the financing, was
paid $140,000 in cash and 196,646
finder's warrants. An additional 88,704 finder warrants were
also paid. The finder's warrants are on the same terms as the
financing warrants. The finder's fees paid in connection with
the private placement 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
October 30, 2021 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. The Castle Property is
15 km east of Aris Gold Corp's Juby gold deposit, 30 km due south
of Alamos Gold's Young-Davidson
mine, 75 km southwest of Kirkland Lake
Gold's Macassa Complex, and 100 km southeast of new gold
discoveries in the Timmins West area.
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 were
identified. The discovery remains open in all
directions (mineral resources that are not mineral reserves do
not have demonstrated economic viability) (refer to Canada
Silver Cobalt Works Press Release May
28, 2020) Report reference: Rachidi, M. 2020,
NI 43-101 Technical Report Mineral Resource Estimate for
Castle East, Robinson Zone, Ontario,
Canada, with an effective date of May
28, 2020, and a signature date of July 13, 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. More information at
www.canadasilvercobaltworks.com
"Frank J. Basa"
Frank J. Basa, P. Eng.
Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services
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 which include, but are not limited to,
comments that involve future events and conditions, which are
subject to various risks and uncertainties. Except for statements
of historical facts, comments that address resource potential,
upcoming work programs, geological interpretations, receipt and
security of mineral property titles, availability of funds, and
others are forward-looking. Forward-looking statements are not
guarantees of future performance and actual results may vary
materially from those statements. General business conditions are
factors that could cause actual results to vary materially from
forward-looking statements.
SOURCE Canada Silver Cobalt Works Inc.