(TheNewswire)
Coquitlam, BC - TheNewswire- December 4, 2023- Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF)(Frankfurt:4T9B) (the " Company " or" Canada SilverCobalt ") announcesthat it is proposing to amend the terms of an aggregate 23,380,092outstanding common share purchase warrants (“Warrants”) byamending the exercise price to $0.06 per share.
7,377,274 of the Warrants were issued pursuant to aprivate placement that closed on December 1, 2022. The Warrants havean exercise price of $0.15 and expire on December 1, 2024. TheCompany intends to amend the Warrant exercise price from $0.15 pershare to $0.06 per share.
8,340,910 of the Warrants were issued pursuant to aprivate placement that closed on October 19, 2022. The Warrants havean exercise price of $0.15 and expire on October 19, 2024. TheCompany intends to amend the Warrant exercise price from $0.15 pershare to $0.06 per share.
2,002,503 of the Warrants were issued pursuant to aprivate placement that closed on June 29, 2021. The Warrants have anexercise price of $0.60 and expire on June 29, 2026. The Companyintends to amend the Warrant exercise price from $0.60 per share to$0.06 per share.
3,566,071 of the Warrants were issued pursuant to aprivate placement that closed on November 14, 2019. The Warrantshave an exercise price of $0.55 and expire on November 14, 2024. TheCompany intends to amend the Warrant exercise price from $0.55 pershare to $0.06 per share.
2,093,334 of the Warrants wereissued in two tranches pursuant to a private placement that closed onSeptember 13, 2019. The Warrants have an exercise price of $0.50 andtwo expiry dates, one being September 13, 2024 and one being September6, 2024. The Company intends to amend the Warrant exercise pricefrom $0.50 per share to $0.06 per share.
In accordance with the policies of the TSX VentureExchange (“Exchange”), the terms of the Warrants, as amended, will be subject to an accelerated expiryprovision such that if for any ten consecutive trading days (the“Premium Trading Days”) during the unexpired term of the Warrants,the closing price of the Company’s shares on the TSX VentureExchange exceeds $0.075, representing the amended Warrant exerciseprice of $0.06 plus 25%, the exercise period of the Warrants will bereduced to 30 days, starting seven days after the last Premium TradingDay. The Company will announce any such accelerated expiry date bypress release. All other terms of the Warrants remainunchanged.
The amendments described above are subject to approvalby the holders of the Warrants and by the TSX Venture Exchange (the“Warrant Amendment Approval”).
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) St. Denis-Sangster lithiumproject – 260 square kilometers of greenfield exploration groundwith numerous pegmatites 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
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-looking statements.Canada Silver Cobalt Works Inc. does not undertake, and assumes noobligation, to update or revise, any such forward-looking statementsor forward-looking information contained herein or in othercommunications to reflect new events or circumstances, except as maybe required by law.
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