COQUITLAM, BC, Jan. 14, 2020 /CNW/ - Canada Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the "Company" or "Canada Cobalt") is pleased to announce that all 50-cent warrants from the Company's January 2018 financing have been exercised, including 2,742,875 of them over the last two weeks (200,000 were exercised in early 2019).
The exercise of these warrants has added $1,371,437 to the Company's treasury this month following the completion of a total of $2,134,500 in two hard dollar private placements with strategic investors in September and November 2019, and $800,000 in a flow-through financing in early December 2019.
Drilling continues at Canada Cobalt's Castle East high-grade silver discovery, with another update from Castle East expected soon, while a work program has just commenced at the Company's past producing Beaver high-grade Silver Property. The patented Beaver claims, which formed part of the historic Beaver-Timiskaming mine, are approximately five kilometers from the Company's newly-acquired PolyMet facility in the town of Cobalt.
About Canada Cobalt Works Inc.
Canada Cobalt's flagship Castle mine and 78 sq. km Castle Property features strong exploration upside for silver, cobalt, nickel, gold and copper in the prolific past producing Gowganda high-grade Silver District 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