(TheNewswire)
Coquitlam, BC – TheNewswire - August 1, 2023 - Canada Silver Cobalt Works Inc.(TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the "Company" or"Canada Silver Cobalt") announces thatit intends to reprice an aggregate of 12,261,327 outstanding commonshare purchase warrants (“Warrants”) issued in two tranchespursuant to a private placement that closed on September 1, 2020. TheWarrants have an exercise price of $0.65 and two expiry dates onebeing August 14, 2023 and one being September 1, 2023. The Companywill amend the Warrant exercise price to $0.08 per share and extendthe Warrant expiry date by two years to August 14, 2025 and September1, 2025.
The Warrants, as amended, will be subject to anaccelerated expiry provision such that if for any ten consecutivetrading days (the “Premium Trading Days”) during the unexpiredterm of the Warrants, the closing price of the Company’s shares onthe TSX Venture Exchange exceeds $0.10, representing the amendedWarrant exercise price of $0.08 plus 25%, the exercise period of theWarrants will be reduced to 30 days, starting seven days after thelast Premium Trading Day. The Company will announce any suchaccelerated expiry date by press release. All other terms of theWarrants remain unchanged.
The amendments described above are subject to approvalby the holders of the Warrants and by the TSX Venture Exchange (the“Warrant Amendment Approval”).
The Company also announces that given the currentmarket conditions the Company did not proceed with the warrantincentive program that was previously announced on November 24, 2022and no warrants were exercised.
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 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 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 as nickel-manganese-cobalt (NMC) formulations),Canada Silver Cobalt is strategically positioned to become a Canadianleader in the silver-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 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 maycontain forward-looking statements which include, but are not limitedto, comments that involve future events and conditions, which aresubject to 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 may cause actual results tovary materially from forward-looking statements.
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