Canada Cobalt Works Inc. (TSX-V: CCW) (OTCPK: TAKRF) (Frankfurt: 4T9B) is pleased to provide a corporate and exploration/development update as the Company accelerates its activities in the prolific Northern Ontario Cobalt Camp.
Jacques Monette, Canada Cobalt director and mine supervisor, commented: “Underground and pilot plant crews are doing an exceptional job. Shaft #3 has also been opened for a pump test as part of a study requirement related to permitting for a potential 600 tpd milling operation.”
Gravity concentrates will be shipped from the Castle mine site to SGS Lakefield in Peterborough, Ontario, for conversion into a Cobalt sulphate product through the company’s proprietary Re-2OX process. Canada Cobalt eagerly anticipates updating shareholders on Re-2OX during the first half of August.
Private Placement Details
The Company has issued 2,229,314 units at a purchase price of $0.65 per unit for total proceeds of $1,449,054. Each unit comprises one common share 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 $0.90 per share for a period of two years from closing, subject to TSX Venture Exchange approval.
Finder’s fees were paid in connection with the private placement in the amount of $36,629.97 in cash and 56,354 broker warrants on the same terms as the purchaser warrants, subject to Exchange approval.
All securities issued in connection with the private placement are subject to a four-month-and-a-day hold period expiring November 26, 2018, in accordance with applicable securities laws.
Proceeds of the private placement will go toward the expanded underground drilling and cobalt sulphate programs at the past producing Castle mine near Gowganda, Ontario, and for general working capital purposes.
The technical information in this news release was prepared under the supervision of Frank J. Basa, P.Eng., Canada Cobalt’s President and Chief Executive Officer, who is a member of Professional Engineers Ontario and a qualified person in accordance with National Instrument 43-101.
About Canada Cobalt Works Inc.
Canada Cobalt is a pure play cobalt company focused exclusively on the Northern Ontario Cobalt Camp, Canada’s most prolific cobalt district. With three 100%-owned past producing mines, a proprietary hydrometallurgical process known as Re-2OX, and plans for a 600-tonne-per-day mill at its flagship Castle Property near Gowganda, Canada Cobalt is strategically positioned to become a vertically integrated North American leader in cobalt extraction and recovery.
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We acknowledge the [financial] support of the Government of Canada.