Mr. Frank Basa reports
CSR SHAREHOLDERS APPROVE NAME CHANGE TO "CANADA COBALT WORKS"
Castle Silver Resources Inc.'s shareholders at yesterday's annual general meeting voted overwhelmingly in favor of the company's proposed name change to Canada Cobalt Works Inc. The name change is subject to TSX Venture Exchange approval.
Anchored by its past producing Castle mine and related infrastructure, plus its proprietary Re-2OX process for cobalt recovery, Canada Cobalt will be a vertically integrated operation designed to serve the broader Northern Ontario cobalt camp and a rapidly growing battery sector searching for ethically sourced cobalt.
Frank Basa, Castle Silver's president and chief executive officer, stated, "With cobalt prices at 10-year highs, and the Northern Ontario cobalt camp drawing increased attention, we're entering exciting times for shareholders as we embark on various initiatives to build the Canada Cobalt brand."
The company is not subdividing, consolidating or otherwise altering its share capital in association with the name change. The company currently has only 60 million shares outstanding with a strong cash position of approximately $2-million.
The company also announces that at the AGM, all resolutions were approved with over 99 per cent voting in favour. The resolutions passed at the meeting are listed below:
- The following individuals were re-elected directors of the company: Mr. Basa, Jacques Monette, Dianne Tookenay, Robert Setter and Annemette Jorgensen.
- McGovern, Hurley, Cunningham, Chartered Accountants, were reappointed as company auditors.
Adoption of the company's 10-per-cent rolling share option plan was ratified and approved.
The board of directors appointed the following officers of the company for the ensuing year:
Mr. Basa: president and CEO
Thomas Devlin: chief financial officer
Tina Whyte: secretary
About Castle Silver Resources Inc.
The Castle, Beaver and Violet mines are among the most advanced properties in the Northern Ontario cobalt camp. While they comprise only 2,840 hectares they are sources of high-grade cobalt that can quickly be developed into a shovel-ready state. The company also has the Re-2OX process which has been pilot-plant-tested to separate the various metals that comprise the mineralization in the cobalt camp vein systems.
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