Mr. Frank Basa reports
CANADA COBALT ARRANGES $1 MILLION PRIVATE PLACEMENT
Canada Cobalt Works Inc. has arranged a non-brokered hard dollar private placement with strategic investors to raise gross proceeds of $1-million at 35 cents per unit.
Each unit of the private placement (2,857,143 units) comprises one common 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 55 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.
The expiry of the warrants may be accelerated if the closing price of Canada Cobalt shares on the TSX Venture Exchange is at least 75 cents per share for a period of 10 consecutive trading days during the term of the warrant. The company may accelerate the expiry of the warrants to 20 calendar days from the date express written notice is given by the company to the holder.
All securities issued in connection with the private placement will be subject to a four-month-and-a-day hold period in accordance with applicable securities laws.
Proceeds of the financing will go toward programs outlined in Canada Cobalt's Aug. 23, 2019, news release, as the company accelerates various initiatives as a district leader in the Northern Ontario silver-cobalt camp.
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.
© 2020 Canjex Publishing Ltd. All rights reserved.