COQUITLAM, BC, Sept. 6, 2019 /CNW/ - Canada Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the "Company" or "Canada Cobalt") is pleased to announce that crews are mobilizing next week to the Castle Silver-Cobalt mine near Gowganda, Ontario, to commence a Phase 2 underground drill program and accelerate a series of additional initiatives.
The Company has closed the first $475,000 of its recently announced private placement (refer to August 23, 2019 news release) and has increased the financing with strategic investors to $600,000 or two million units at 30 cents per unit (see below for full terms). The second and final tranche will close during the week of September 9.
Canada Cobalt issued 1,583,333 units at 30 cents per unit in this first tranche with each unit consisting of one common share in the capital of the Company and one share purchase warrant. Each warrant entitles the holder to purchase one share of the Company for a period of 24 months from the closing of the offering at an exercise price of 50 cents per share. No finders' fees are payable in this first tranche. All securities are subject to a four-month and a day hold period expiring on January 7, 2020 in accordance with applicable securities laws and the private placement is also subject to the final approval of the TSX Venture Exchange.
About Canada Cobalt Works Inc.
Canada Cobalt has 100% ownership of the Castle mine and the 78 sq. km Castle Property with strong exploration upside in the prolific past producing Gowganda high-grade Silver Camp of Northern Ontario. With underground access at Castle, a pilot plant to produce cobalt-rich gravity concentrates on site, and a proprietary hydrometallurgical process known as Re-2OX for the creation of technical grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations, Canada Cobalt is strategically positioned to become a vertically integrated North American leader in cobalt extraction and recovery while it also exploits a powerful new silver-gold market cycle.
"Frank J. Basa"
Frank J. Basa, P. Eng.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE Canada Cobalt Works Inc.
For further information: Frank J. Basa, P.Eng., President and CEO, 1-416-625-2342; Marc Bamber, Director, [email protected], +44-7725-960939