COQUITLAM, BC, April 7, 2021 /CNW/ - Canada Silver Cobalt Works
Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the "Company" or "Canada
Silver Cobalt") announces that the Company has closed a
non-brokered private placement by way of issuing 2,021,276
flow-through units ("FT Units") at a price of $0.47 per FT Unit raising gross proceeds of
$950,000.
Each FT Unit is comprised of one flow-through common share of
the Company and one half of one share purchase warrant. Each
whole warrant will entitle the holder thereof to purchase one
additional common share of the Company at an exercise price of
$0.58 per share, for a period of two
years from closing, subject to TSX Venture Exchange ("Exchange")
approval.
The Company has paid Finder fees in the amount of $66,500 and issued 141,490 finder warrants in
connection with the FT private placement. The finder's
warrants are on the same terms as the financing warrants. The
finder fees are subject to Exchange approval.
All securities issued in connection with the private placement
will be subject to a four–month and a day hold period expiring on
August 8, 2021 in accordance with
applicable Canadian Securities Laws.
About Canada Silver Cobalt Works Inc.
www.canadasilvercobaltworks.com
Canada Silver Cobalt Works released the first-ever resource in
the Gowganda Camp and greater Cobalt Camp in May 2020. A
total of 7.56 million ounces of silver in Inferred resources
comprising very high-grade silver (8,582 grams per tonne un-cut or
250.2 oz/ton) in 27,400 tonnes of material from two sections
(1A and 1B) of the Robinson Zone
beginning at a vertical depth of approximately 400 meters were
identified. The discovery remains open in all directions (1A and
1B are approximately 800 meters east
of the Capitol Mine workings) (mineral resources that are not
mineral reserves do not have demonstrated economic viability)
(refer to Canada Silver Cobalt Works Press Release May 28, 2020. Report reference: Rachidi, M.
2020, NI 43-101 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.
Canada Silver Cobalt's flagship Castle Mine and 78 sq. km Castle
Property features strong exploration upside for silver, cobalt,
nickel, gold, and copper in the prolific past-producing
Gowganda high-grade Silver
District of Northern Ontario. With
underground access at Castle, a pilot plant to produce cobalt-rich
gravity concentrates on site, a processing facility (TTL
Laboratories) in the town of Cobalt, 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 Canadian leader in the silver-cobalt
space.
"Frank J. Basa"
Frank J. Basa, P. Eng.
Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. This news release may contain
forward-looking statements including but not limited to comments
regarding the timing and content of upcoming work programs,
geological interpretations, receipt of property titles, potential
mineral recovery processes, etc. Forward-looking statements address
future events and conditions and therefore, involve inherent risks
and uncertainties. Actual results may differ materially from those
currently anticipated in such statements.
SOURCE Canada Silver Cobalt Works Inc.