COQUITLAM, BC, April 7, 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-middleman private placement by issuing 2,021,276 flow-through units (“FT units”) at a price of $ 0.47 per FT Share generating gross proceeds of $ 950,000.
Each FT unit is composed of one flow-through common share of the Company and one half warrant. Each whole warrant will entitle its holder to purchase one additional common share of the Company at an exercise price of $ 0.58 per share, for a period of two years from closing, subject to approval by the TSX Venture Exchange (“Exchange”).
The Company paid research costs in the amount of $ 66,500 and issued 141,490 warrants in connection with FT’s private placement. The intermediation vouchers are under the same conditions as the financing vouchers. Research commissions are subject to the approval of the Stock Exchange.
All securities issued under the private placement will be subject to a four-month holding period and one day expiring on August 8, 2021 in accordance with applicable Canadian securities laws.
About Canada Silver Cobalt Works Inc. www.canadasilvercobaltworks.com
Canada Silver Cobalt Works released the very first resource in Gowganda Camp and Large Cobalt Camp in May 2020. A total of 7.56 million ounces of silver in inferred resources including very high silver content (8,582 grams per uncut tonne or 250.2 ounces / tonne) 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 have been identified. The discovery remains open in all directions (1A and 1B are approximately 800 meters east of the Capitol mine workings) (mineral resources that are not mineral reserves have not demonstrated economic viability) (see press release from Canada Silver Cobalt Works 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 signing date of July 13, 2020.
The flagship Canada Silver Cobalt mine and the 78 km² Castle property have strong exploration potential for silver, cobalt, nickel, gold and copper in the prolific production history Gowganda high-grade silver district Northern Ontario. With underground access to 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 creation of technical grade cobalt sulfate as well as nickel-manganese-cobalt (NMC) formulations, Canada Silver Cobalt is strategically positioned to become a Canadian leader in silver-cobalt.
“Frank J. Basa”
Frank J. Basa, ing.
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 press 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 title deeds, potential process of recovery of minerals, etc. Forward-looking statements deal with future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in these statements.
SOURCE Canada Silver Cobalt Works Inc.
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