(TheNewswire)
October 19, 2022 – TheNewswire- Coquitlam, BC, Canada - Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the"Company" or "Canada Silver Cobalt") announcesthat, further to its news release dated October 18, 2022, the Company has closed a fully subscribed for non-brokeredprivate placement raising gross proceeds of $1,805,000.
The Company issued 13,681,819 Quebec flow-through units(“QFT Units”) at a price of $0.11 per QFT Unit. The Company alsoissued 3,000,000 FT Units (“FT Units”) at a price of $0.10 per FTUnit raising gross proceeds of $300,000.
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 $102,350 in cash and 938,637 finder’s warrants. An additional $42,000 cash and 400,409 finder warrants were alsopaid to Qwest Investment Fund Management Ltd. The finder’s warrants are at an exercise price of $0.11 pershare, for a period of two years from closing. The finder’s fees paid in connection with the private placementare subject to Exchange approval.
All securities issued in connection with the privateplacement will be subject to a four?month and a day hold periodexpiring on February 20, 2023 in accordance with applicable CanadianSecurities Laws.
About Canada Silver Cobalt WorksInc.
Canada Silver Cobalt Works released the first-everresource in the Gowganda Camp and greater Cobalt Camp. The Castle Property is 15 km east of Aris Gold Corp’s Jubygold deposit, 30 km due south of Alamos Gold’s Young-Davidson mine,75 km southwest of Kirkland Lake Gold’s Macassa Complex, and 100 kmsoutheast of new gold discoveries in the Timmins West area.
Canada Silver Cobalt Works released the first-everresource in the Gowganda Camp and greater Cobalt Camp in May 2020. Atotal of 7.56 million ounces of silver inInferred resources comprising very high-grade silver (8,582 grams pertonne un-cut or 250.2 oz/ton) in 27,400 tonnes of material from twosections (1A and 1B) of the Robinson Zone beginning at a verticaldepth of approximately 400 meters were identified. The discoveryremains open in all directions (mineralresources that are not mineral reserves do not have demonstratedeconomic viability) (refer to Canada SilverCobalt Works Press Release May 28, 2020) Reportreference: Rachidi, M. 2020, NI 43-101 Technical Report Mineral Resource Estimate for CastleEast, Robinson Zone, Ontario, Canada , with aneffective date of May 28, 2020, and a signature date of July 13,2020).
Canada Silver Cobalt’s flagship Castle mine and 78sq. km Castle Property features strong exploration upside for silver,cobalt, nickel, gold and copper in the prolific past producingGowganda high-grade Silver District of Northern Ontario. Withunderground access at Castle, a pilot plant to produce cobalt-richgravity concentrates on site, a processing facility (TTL Laboratories)in the town of Cobalt, and a proprietary hydrometallurgical processknown as Re-2Ox for the creation of technical grade cobalt sulphate aswell as nickel-manganese-cobalt (NMC) formulations, Canada SilverCobalt is strategically positioned to become a Canadian leader in thesilver-cobalt space. More information 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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