Mr. Frank Basa reports
CANADA COBALT INCREASES FINANCING TO 1,250,000
Canada Cobalt Works Inc. has increased its non-brokered hard-dollar private placement at 35 cents per unit to $1.25-million from the previously announced $1-million. The financing is expected to close on or about Nov. 8, 2019.
Each unit of the private placement (3,571,428 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 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-V 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 are subject to a four-month-and-one-day hold period, in accordance with applicable securities laws.
About Canada Cobalt Works Inc.
Canada Cobalt Works 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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