Mr. Frank Basa reports
CANADA SILVER COBALT INCREASES PRIVATE PLACEMENT
Further to the news release dated Sept. 1, 2020, Canada Silver Cobalt Works Inc. has increased and closed on an additional $50,000, bringing the total funds raised in all tranches to $6,743,730.
The company has issued an additional 90,909 units in the final closing. Each unit is composed of 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.
All securities issued in connection with the private placement are subject to a four-month-and-a-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 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 is strategically positioned to become a Canadian leader in the silver-cobalt space.
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