(TheNewswire)
December 1, 2022 – TheNewswire- Coquitlam, BC, Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the"Company" or "Canada Silver Cobalt") announcesthat the Company has closed a fully subscribedfor non-brokered private placement raising gross proceeds of$1,573,000.17.
The Company issued 9,754,547 Quebec flow-through units(“QFT Units”) at a price of $0.11 per QFT Unit. The Company alsoissued 5,000,000 FT Units (“FT Units”) at a price of $0.10 per FTUnit raising gross proceeds of $500,000.
Each QFT and FT Unit is comprised of one flow-throughcommon share of the Company and one half of one share purchasewarrant. Each whole warrant will entitle the holder thereof topurchase one additional common share of the Company at an exerciseprice of $0.15 per share, for a period of two years from closing,subject to final approval of the TSX Venture Exchange(“Exchange”).
The proceeds of the FT private placement will be usedfor ongoing drilling of the Company’s Eby-Otto property located nearKirkland Lake, Ontario. The proceeds of theQFT private placement will be used for the Company’s Lowney-LacEdouard property, located in central Quebec.
GloRes Securities Inc., the lead finder for thefinancing, was paid $98,110 in cash and 923,727 finder’s warrants. An additional $21,00 cash and 190,909 finder warrants were also paidto Qwest Investment Fund Management Ltd. Thefinder’s warrants are at an exercise price of $0.11 per share, for aperiod of two years from closing. Thefinder’s fees paid in connection with the private placement aresubject to Exchange approval.
All securities issued in connection with the privateplacement will be subject to a four?month and a day hold periodexpiring on April 2, 2023 in accordance with applicable CanadianSecurities Laws.
About Canada Silver Cobalt WorksInc.
Canada Silver Cobalt Works Inc. recently discovered amajor high-grade silver vein system at Castle East located 1.5 km fromits 100%-owned, past-producing Castle Mine near Gowganda in theprolific and world-class silver-cobalt mining district of NorthernOntario. The Company has completed a 60,000m drill program aimed atexpanding the size of the deposit with an update to the resourceestimate underway.
In May 2020, based on a small initial drill program,the Company published the region’s first 43-101 resource estimatethat contained a total of 7.56 million ounces of silver in Inferredresources, comprising very high-grade silver (8,582 grams per tonneun-cut or 250.2 oz/ton) in 27,400 tonnes of material from two sections(1A and 1B) of the Castle East Robinson Zone, beginning at a verticaldepth of approximately 400 meters. Note that mineral resources thatare not mineral reserves do not have demonstrated economic viability.Please refer to Canada Silver Cobalt Works Press Release May 28, 2020,for the resource estimate. Report reference: Rachidi, M. 2020, NI43-101 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.
The Company also has: (1) 14 battery metals propertiesin Northern Quebec where it has recently completed a nearly15,000-metre drill program on the Graal property; and (2) theprospective 1,000-hectare Eby-Otto gold property close to AgnicoEagle’s high-grade Macassa Mine near Kirkland Lake, Ontario where itis exploring.
Canada Silver Cobalt’s flagship silver-cobalt Castlemine and 78 sq. km Castle Property feature strong exploration upsidefor silver, cobalt, nickel, gold, and copper. With underground accessat the fully owned Castle Mine, an exceptional high-grade silverdiscovery at Castle East, a pilot plant to produce cobalt-rich gravity concentrates, a processing facility (TTLLaboratories) in the town of Cobalt, and a proprietaryhydrometallurgical process known as Re-2Ox (for the creation oftechnical-grade cobalt sulphate as well as nickel-manganese-cobalt(NMC) formulations), Canada Silver Cobalt is strategically positionedto become a Canadian leader in the silver-cobalt space. Moreinformation at www.canadasilvercobaltworks.com .
“Frank J. Basa”
Frank J. Basa, P. Eng.
Chief Executive Officer
For further information, contact:
Frank J. Basa, P.Eng.
Chief Executive Officer
416-625-2342
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release. This news release may containforward-looking statements which include, but are not limited to,comments that involve future events and conditions, which are subjectto various risks and uncertainties. Except for statements ofhistorical facts, comments that address resource potential, upcomingwork programs, geological interpretations, receipt and security ofmineral property titles, availability of funds, and others areforward-looking. Forward-looking statements are not guarantees offuture performance and actual results may vary materially from thosestatements. General business conditions are factors that could causeactual results to vary materially from forward-lookingstatements.
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