(TheNewswire)
November 6, 2023 - TheNewswire - Coquitlam, BC - Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the" Company " or " Canada Silver Cobalt ") announces thatfurther to its news release dated November 2, 2023 the Company hasclosed a 1 st tranche of a non brokered private placement by way ofissuing 10,000,000 Quebec flow-through units (“QFT Units”) at$0.04 per QFT Unit, and 12,500,000 flow-through units (“FT Units) at$0.04 per FT Unit for total gross proceeds of $900,000.
Each QFT Unit and FT Unit is comprised of one commonshare (“Share”) and one half of one share purchase warrant (the“Warrant”). Each whole Warrant will entitle the holder thereofto purchase one additional Share of the Company at an exercise priceof $0.08 per share, for a period of two years from closing, subject toExchange approval.
The QFT proceeds will be used for drilling andexploration work on the Company’s Lowney-Lac Edouard property,located in central Quebec . The FT proceedswill be used for drilling and exploration purposes on the Company’sCastle East Silver Property, located in Ontario.
GloRes Securities Inc., the sole finder for the1 st tranche closing was paid $63,000 in cash and 1,575,000 finder’swarrants (“Finder Warrant”). Each Finder Warrant will entitlethe Finder to purchase one Share of the Company at an exercise priceof $0.05 per Share, for a period of two years from closing. The finder’s fees paid in connection withthe private placement are 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 March 7, 2024 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 kmfrom its 100%-owned, past-producing Castle Mine near Gowganda in theprolific and world-class silver-cobalt mining district of NorthernOntario. The Company has completed a 60,000 m 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 and do not have demonstrated economicviability. Please refer to Canada Silver Cobalt Works Press ReleaseMay 28, 2020, for the resource estimate. Report reference: Rachidi, M.2020, NI 43-101 Technical Report Mineral Resource Estimate for CastleEast, Robinson Zone, Ontario, Canada, with an effective date of May28, 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 nearly16,000-metre drill program on the Graal property; (2) the prospective1,000-hectare Eby-Otto gold property close to Agnico Eagle’shigh-grade Macassa Mine near Kirkland Lake, Ontario where it isexploring; and (3) lithium property – 230 square kilometers ofgreenfield exploration ground focussed along a significant volcanicsedimentary rock – Archean granite contact near Cochrane, Ontariocontiguous to Power Metals’ Case Lake Lithium properties.
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 exceptionalhigh-grade silver discovery at Castle East, a pilot plant to producecobalt-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 is available 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
or:
Wayne Cheveldayoff,
Corporate Communications
P: 416-710-2410
E: waynecheveldayoff@gmail.com
Neither the TSX Venture Exchange norits Regulation Service Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
Caution RegardingForward-Looking Statements
This news release may containforward-looking statements regarding Canada Silver Cobalt Works Inc.(the “Company”) and Coniagas Battery Metals Inc. (“Coniagas”)which include, but are not limited to, comments that involve futureevents and conditions, which are subject to various risks anduncertainties. Except for statements of historical facts, commentsthat address the proposed distribution of common shares and commonshare purchase warrants of Coniagas to the shareholders of theCompany, the proposed private placement by Coniagas and proposedlisting of Coniagas on a Canadian stock exchange, resource potential,upcoming work programs, geological interpretations, receipt andsecurity of mineral property titles, availability of funds, and othersare forward-looking. No assurance can be given that any of theforegoing will be achieved. Forward-looking statements are notguarantees of future performance and actual results may varymaterially from those statements. General business conditions arefactors that could cause actual results to vary materially fromforward-looking statements. A detailed discussion of the risk factorsin connection with the proposed plan of arrangement will be set out inthe Company’s management information circular, which will beavailable under the Company’s profile on SEDAR+ at www.sedarplus.ca and on the Company’s website.
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