Canada Silver Cobalt arranges $400,000 placement

Oct 31, 2023

2023-10-30 19:11 ET – News Release

Mr. Frank Basa reports

CANADA SILVER ANNOUNCES QUEBEC FLOW-THROUGH PRIVATE PLACEMENT

Canada Silver Cobalt Works Inc. has arranged a non-brokered private placement offering by issuing 10 million Quebec flow-through units (QFT units) at a price of four cents per QFT unit raising gross proceeds $400,000.

Each QFT unit comprised one flow-through common share of the company and one-half of 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 eight cents per share, for a period of two years from closing, subject to TSX Venture Exchange approval.

The proceeds of the QFT private placement will be used for the company’s Lowney-Lac Edouard property, located in central Quebec.

Finders’ fees in the amount of $28,000 cash and 350,000 warrants will be paid in connection with the financing. The finders’ warrants are at an exercise price of eight cents per share, for a period of two years from closing. The finders’ fees paid in connection with the private placement are subject to exchange approval.

All securities issued in connection with the private placement will be 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 recently discovered a major high-grade silver vein system at Castle East, located 1.5 kilometres from its 100-per-cent-owned, past-producing Castle mine near Gowganda in the prolific and world-class silver-cobalt mining district of Northern Ontario. The company has completed a 60,000-metre drill program aimed at expanding the size of the deposit with an update to the resource estimate under way.

In May, 2020, based on a small initial drill program, the company published the region’s first National Instrument 43-101 resource estimate that contained a total of 7.56 million ounces of silver in inferred resources, comprising very-high-grade silver (8,582 grams per tonne uncut or 250.2 ounces per ton) in 27,400 tonnes of material from two sections (1A and 1B) of the Castle East Robinson zone, beginning at a vertical depth of approximately 400 metres. Note that mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to Canada Silver’s news release dated May 28, 2020, for the resource estimate.

The company also has: (1) 14 battery metals properties in Northern Quebec, where it has recently completed a nearly 16,000-metre drill program on the Graal property; (2) the prospective 1,000-hectare Eby-Otto gold property close to Agnico Eagle’s high-grade Macassa mine near Kirkland Lake, Ont., where it is exploring; (3) lithium property — 230 square kilometres of greenfield exploration ground focused along a significant volcanic sedimentary rock — Archean granite contact near Cochrane, Ont., contiguous to Power Metals’ Case Lake lithium properties.

Canada Silver’s flagship silver-cobalt Castle mine and 78-square-kilometre Castle property feature strong exploration upside for silver, cobalt, nickel, gold and copper. With underground access at the fully owned Castle mine, an exceptional high-grade silver discovery at Castle East, a pilot plant to produce cobalt-rich gravity concentrates, a processing facility (TTL Laboratories) in the town of Cobalt 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 Silver is strategically positioned to become a Canadian leader in the silver-cobalt space.

We seek Safe Harbor.

https://www.canadasilvercobaltworks.com/