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(TheNewswire)
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Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the " Company " or " Canada Silver Cobalt ") announces that it is proposing to amend the terms of an aggregate 23,380,092 outstanding common share purchase warrants ("Warrants") by amending the exercise price to $0.06 per share
7,377,274 of the Warrants were issued pursuant to a private placement that closed on December 1, 2022. Â The Warrants have an exercise price of $0.15 and expire on December 1, 2024. Â The Company intends to amend the Warrant exercise price from $0.15 per share to $0.06 per share.
8,340,910 of the Warrants were issued pursuant to a private placement that closed on October 19, 2022. Â The Warrants have an exercise price of $0.15 and expire on October 19, 2024. Â The Company intends to amend the Warrant exercise price from $0.15 per share to $0.06 per share.
2,002,503 of the Warrants were issued pursuant to a private placement that closed on June 29, 2021. Â The Warrants have an exercise price of $0.60 and expire on June 29, 2026. Â The Company intends to amend the Warrant exercise price from $0.60 per share to $0.06 per share.
3,566,071 of the Warrants were issued pursuant to a private placement that closed on November 14, 2019. Â The Warrants have an exercise price of $0.55 and expire on November 14, 2024. Â The Company intends to amend the Warrant exercise price from $0.55 per share to $0.06 per share.
2,093,334 of the Warrants were issued in two tranches pursuant to a private placement that closed on September 13, 2019. Â The Warrants have an exercise price of $0.50 and two expiry dates, one being September 13, 2024 and one being September 6, 2024. Â The Company intends to amend the Warrant exercise price from $0.50 per share to $0.06 per share.
In accordance with the policies of the TSX Venture Exchange ("Exchange"), the terms of the Warrants, as amended, will be subject to an accelerated expiry provision such that if for any ten consecutive trading days (the "Premium Trading Days") during the unexpired term of the Warrants, the closing price of the Company's shares on the TSX Venture Exchange exceeds $0.075, representing the amended Warrant exercise price of $0.06 plus 25%, the exercise period of the Warrants will be reduced to 30 days, starting seven days after the last Premium Trading Day. The Company will announce any such accelerated expiry date by press release. All other terms of the Warrants remain unchanged.
The amendments described above are subject to approval by the holders of the Warrants and by the TSX Venture Exchange (the "Warrant Amendment Approval").
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt Works Inc. recently discovered a major high-grade silver vein system at Castle East located 1.5 km from its 100%-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 60,000m drill program aimed at expanding the size of the deposit with an update to the resource estimate underway.
In May 2020, based on a small initial drill program, the Company published the region's first 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 un-cut or 250.2 oz/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 meters. Note that mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to Canada Silver Cobalt Works Press Release May 28, 2020, for the resource estimate. Report reference: Rachidi, M. 2020, NI 43-101 Technical Report Mineral Resource Estimate for Castle East, Robinson Zone, Ontario, Canada, with an effective date of May 28, 2020, and a signature date of July 13, 2020.
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; and (2) the prospective 1,000-hectare Eby-Otto gold property close to Agnico Eagle's high-grade Macassa Mine near Kirkland Lake, Ontario where it is exploring. (3) St. Denis-Sangster lithium project – 260 square kilometers of greenfield exploration ground with numerous pegmatites focussed along a significant volcanic sedimentary rock – Archean granite contact near Cochrane, Ontario contiguous to Power Metals' Case Lake Lithium properties.
Canada Silver Cobalt's flagship silver-cobalt Castle mine and 78 sq. km 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 Cobalt is strategically positioned to become a Canadian leader in the silver-cobalt space. More information at www.canadasilvercobaltworks.com .
"Frank J. Basa"
Frank J. Basa, P. Eng.
Chief Executive Officer
For further information, contact:
Frank J. Basa, P.Eng.
Chief Executive Officer
416-625-2342
Or
Wayne Cheveldayoff,
Corporate Communications
P: 416-710-2410
E: waynecheveldayoff@gmail.com
Caution Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services 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 which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements. Canada Silver Cobalt Works Inc. does not undertake, and assumes no obligation, to update or revise, any such forward-looking statements or forward-looking information contained herein or in other communications to reflect new events or circumstances, except as may be required by law.
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