Mr. Frank Basa reports
CANADA SILVER COBALT CLOSES 1ST TRANCHE PRIVATE PLACEMENT WITH A LEAD ORDER FROM PALISADES GOLDCORP LTD.
Canada Silver Cobalt Works Inc. has closed the first tranche of its non-brokered private placement financing, raising gross proceeds of $3,193,730, with a lead order from Palisades Goldcorp Ltd.
The company has issued 5,806,782 units in the first-tranche closing. Each unit comprises one common share of the company and one share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one additional common share of the company at an exercise price of 65 cents per share for a period of three years from closing, subject to TSX Venture Exchange final approval.
The proceeds of the private placement will be used for continuing drilling of the Castle East Robinson zone discovery near the town of Gowganda, Ont., and for general working capital.
Finders' fees in the amount of $90,247.50 and the issuance of 164,086 finder warrants were paid in connection with the private placement. The finder warrants are on the same terms as the financing warrants. The finders' fees are subject to exchange approval.
All securities issued in connection with the private placement are subject to a four-month-and-one-day hold period in accordance with applicable Canadian securities laws.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt's flagship Castle mine and 78-square-kilometre Castle property features strong exploration upside for silver, cobalt, nickel, gold and copper in the prolific past-producing Gowganda high-grade silver-cobalt district of Northern Ontario. With an important new discovery at Castle East, underground access at the Castle mine, a processing facility (TTL Laboratories) in the nearby town of Cobalt, a proprietary hydrometallurgical process known as Re-2OX, and the Beaver and Violet properties, Canada Silver Cobalt Works is strategically positioned to become a Canadian leader in the silver-cobalt space.
We seek Safe Harbor.
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