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Canada Silver Cobalt announces upsized $5.5M private placement

Published: 04:31 09 Apr 2022 AEST

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Net proceeds will be used for continued exploration activities and for working capital and general corporate purposes

Canada Silver Cobalt Works Inc. (TSX-V:CCW) has increased the size of its previously-announced private placement offering to $5.5 million (from $5 million) as it seeks to advance its portfolio of Canadian exploration projects.

The financing will include a combination of regular and flow-through shares, which will qualify for tax deductions for Canadian investors under the federal Income Tax Act.

Also, the net proceeds will be used for continued exploration activities and for working capital and general corporate purposes.

READ: Canada Silver Cobalt updates on exploration activity at Graal nickel-copper-cobalt discovery in Quebec; appoints new CFO

The offering consists of regular units priced at C$0.25 and flow-through units priced at $0.27, as well as Quebec flow-through units priced at $0.29.

Each unit will consist of one share of the company and one warrant for all three unit types, each exercisable at $0.32 per warrant share at any time up to 36 months following the closing of the offering.

The offering is scheduled to close on or about April 14, 2022, or such earlier or later date as agreed upon between the company and the agents and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. The units, FT unit, and QFT unit to be issued will have a hold period of four months and one day from closing.

Canada Silver Cobalt recently discovered a major high-grade silver vein system at Castle East located 1.5 kilometers from its 100%-owned, past-producing Castle Mine near Gowganda in the prolific and world-class silver-cobalt mining district of northern Ontario. This discovery has the highest silver resource grade in the world, with recent drill intercepts of up to 89,853 grams/tonne silver (2,621 oz/ton Ag). 

A drill program is underway to expand the size of the deposit with an update to the resource estimate.

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