Mr. Frank Basa reports
CANADA COBALT CLOSES FIRST TRANCHE, INCREASES FINANCING TO $600,000
Canada Cobalt Works Inc. crews are mobilizing next week to the Castle silver-cobalt mine, located near Gowganda, Ont., to commence a phase 2 underground drill program and accelerate a series of additional initiatives.
The company has closed the first $475,000 of its recently announced private placement (refer to Aug. 23, 2019, news release) and has increased the financing with strategic investors to $600,000, or two million units at 30 cents per unit (full terms disclosed herein). The second and final tranche will close during the week of Sept. 9, 2019.
Canada Cobalt issued 1,583,333 units at 30 cents per unit in this first tranche, with each unit consisting of one common share in the capital of the company and one share purchase warrant. Each warrant entitles the holder to purchase one share of the company for a period of 24 months from the closing of the offering at an exercise price of 50 cents per share. No finders' fees are payable in this first tranche. All securities are subject to a four-month-and-one-day hold period, expiring on Jan. 7, 2020, in accordance with applicable securities laws, and the private placement is also subject to the final approval of the TSX Venture Exchange.
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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