Mr. Frank Basa reports
CANADA SILVER COBALT ANNOUNCES AN ADDITIONAL $3.5 MILLION TO BE RAISED IN FINAL TRANCHE PRIVATE PLACEMENT
Further to its press release dated Aug. 14, 2020, whereby the company raised $3,193,730 in the first tranche private placement closing, Canada Silver Cobalt Works Inc. will be raising an additional $3.5-million in the second and final tranche of its non-brokered private placement financing.
The company will be issuing an additional 6,363,636 units in the final 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 at the Castle East Robinson zone discovery, located near the town of Gowganda, Ont., and for general working capital.
Finders' fees may be paid in connection with the final tranche closing.
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 feature strong exploration upside for silver, cobalt, nickel, gold and copper in the prolific, past-producing, high-grade Gowganda 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.
© 2020 Canjex Publishing Ltd. All rights reserved.