Mr. Frank Basa reports
CANADA COBALT ARRANGES $500,000 PRIVATE PLACEMENT
Canada Cobalt Works Inc. has arranged a non-brokered, hard-dollar private placement with strategic investors to raise gross proceeds of $500,000 at 30 cents per unit.
Proceeds of the financing, expected to close shortly, will go toward: the start of a phase 2 underground drill program, commencing in September; surface site preparation/development for other initiatives; regional exploration; Re-2OX; and general working capital purposes.
Each unit of the private placement (1,666,667 units) comprises one share and one share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share of the company at an exercise price of 50 cents per share for a period of two years from closing, subject to TSX Venture Exchange approval. Finders' fees may be paid in connection with the private placement, subject to exchange policies and approval.
All securities issued in connection with the private placement are subject to a four-month-and-one-day hold period, in accordance with applicable securities laws.
About Canada Cobalt Works Inc.
Canada Cobalt has 100-per-cent ownership of the Castle mine and the 78-square-kilometre Castle property with strong exploration upside in the prolific, past-producing Gowganda high-grade silver camp of Northern Ontario.
We seek Safe Harbor.
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