(TheNewswire)
Coquitlam, BC, Canada - TheNewswire - November 27, 2023 - 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 and November 6,2023 the Company has closed a 2 nd and finaltranche of a non brokered private placement by way of issuing18,250,000 Quebec flow-through units (“QFT Units”) at $0.04 perQFT Unit, for total gross proceeds of $730,000. The Company raised atotal of $1,630,000 in both tranches of the financing.
Each QFT Unit is comprised of one common share(“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 .
GloRes Securities Inc., the lead finder for the2 nd tranche closing was paid $41,100 cash and 1,027,500 finder’swarrants (“Finder Warrant”). Qwest Investment Fund ManagementLtd. received $17,500 cash and 437,500 Finder’s Warrants. EachFinder Warrant will entitle the Finder to purchase one Share of theCompany at an exercise price of $0.05 per Share, for a period of twoyears from closing. The Finders fees paid inconnection with the private placement are subject to Exchangeapproval.
All securities issued in connection with the privateplacement will be subject to a four-month and a day hold periodexpiring on March 28, 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; 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. (3) St. Denis-Sangster lithium project – 260 squarekilometers of greenfield exploration ground with numerous pegmatitesfocussed along a significant volcanic sedimentary rock – Archeangranite contact near Cochrane, Ontario contiguous 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 exceptional high-grade silverdiscovery at Castle East, a pilot plant to produce cobalt-rich gravityconcentrates, a processing facility (TTL Laboratories) in the town ofCobalt, and a proprietary hydrometallurgicalprocess known as Re-2Ox (for the creation of technical-grade cobaltsulphate as well as nickel-manganese-cobalt (NMC) formulations),Canada Silver Cobalt is strategically positioned to become a Canadianleader in the silver-cobalt space. More information 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
Caution RegardingForward-Looking Statements
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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