Mr. Frank Basa reports
CANADA COBALT CLOSES OVER-SUBSCRIBED PRIVATE PLACEMENT FOR $728,000
Canada Cobalt Works Inc. has closed the second and final tranche of its recently announced private placement with strategic investors at 30 cents per unit, raising gross proceeds of $728,000 for the two tranches.
Proceeds of the private placement will be used to immediately accelerate the company's various initiatives at the Castle mine and property in the Gowganda silver-cobalt camp, and for general working capital purposes.
A total of 1,016,667 units were issued in the second tranche ($305,000) 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 closing at an exercise price of 50 cents per share.
All securities are subject to a four-month-and-a-day hold period expiring on Jan. 14, 2020, in accordance with applicable securities laws. The private placement is subject to the final approval of the TSX Venture Exchange.
Finders' fees of $525 and 1,750 broker warrants, on the same terms as the private placement warrants, are payable for the second tranche. Closing of the first tranche, announced Sept. 6, 2019, was for a revised total of $423,000 (1.41 million units), bringing both tranches to an oversubscribed total of $728,000 (2,426,667 units).
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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