(TheNewswire)
Coquitlam, BC - TheNewswire - May 11, 2023 - Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the “ Company ” or “ Canada Silver Cobalt ”) announcesthat further to the Company’s news release dated April 14, 2023 theCompany has closed the 2 nd final tranche of a non-brokered privateplacement by way of issuing 9,331,000 non-flow-through units(“Units”) at a price of $0.05 per Unit raising gross proceeds of$466,550. The Company also issued 3,628,125 Quebec Flow-through Units(“QFT Units”) at a price of $0.08 per QFT Unit raising grossproceeds of $290,250 for an aggregate of $756,800 in the 2 nd and finaltranche together with the 1 st tranche closing of $825,100 the total grossproceeds raised in both tranches are $1,581,900. The financing issubject to final TSX Venture Exchange (“Exchange”)acceptance.
Each Unit is comprised of one common share of theCompany and one share purchase warrant. Each whole warrant willentitle the holder thereof to purchase one additional common share ofthe Company at an exercise price of $0.075 per share for a period oftwo years from closing.
Each QFT Unit is comprised of one flow-through commonshare of the Company and one share purchase warrant. Each wholewarrant will entitle the holder thereof to purchase one additionalcommon share of the Company at an exercise price of $0.10 per share,for a period of three years from closing.
The proceeds of the Units will be used for drilling onthe Castle East Robinson Zone discovery, near the town of Gowganda,Ontario and for general working capital. The proceeds of the QFTprivate placement will be used for drill testing the recently stakedBouguer gravity anomalies and existing Ni-Cu showings inQuebec.
Finder’s fees in the amount of $37,649.50 were paidin cash, 281,156 finder shares were issued at a deemed price of $0.08per share and 533,619 finder’s warrants were issued. 393,619 ofthe finder’s warrants are exercisable at $0.10 per for a period ofthree years from closing and 140,000 finder’s warrants are exerciseale at $0.075 per share for a period of two years fromclosing. The finder’s 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 September 12, 2023 in accordance with applicable CanadianSecurities Laws.
About Canada Silver Cobalt Works Inc.
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 ResourceEstimate for Castle East, Robinson Zone, Ontario, Canada, with aneffective 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 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) 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 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 hydrometallurgical process known as Re-2Ox(for the creation of technical-grade cobalt sulphate as well asnickel-manganese-cobalt (NMC) formulations), Canada Silver Cobalt isstrategically 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
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 Regarding Forward-LookingStatements
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-looking statements. Adetailed discussion of the risk factors encountered by Canada SilverCobalt is available in the Company’s Annual Information Form datedJuly 19, 2021 for the fiscal year ended December 31, 2020 availableunder the Company’s profile on SEDAR at www.sedar.com.
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