Canada Silver Cobalt Works Inc. (“Canada Silver Cobalt” or the “Company”) is pleased to announce the results of the Annual and Special Meeting of Shareholders (the “Meeting”), which took place on April 27, 2021, in connection with its previously announced qualified private placement of common shares (the “Offer”).
At the Meeting, shareholders voted to re-elect Norway T. Barrett and James Trusler as directors of the Company and to approve the appointment of Davidson & Company LLP as the Company’s auditors. The Meeting also granted shareholder approval for the Company to issue up to 10,000,000 common share purchase warrants as a part of the Offer.
The Offer involved the issuance of up to 8,172,000flow-through common shares at a price of CAD $0.45 per share, and up to 2,828,000 common shares at a price of CAD $0.30 per share.
In connection with the Offer, the Company also entered into an agreement with a syndicate of agents led by Clarus Securities Inc. (the “Agents”) to act as agents for the Private Placement (the “Services”) and to receive a cash commission that is equal to 10% of the gross proceeds of the Private Placement, paid in cash, and compensation warrants with an aggregate maximum number of common share purchase warrants that is equal to 10% of the number of flow-through and non-flow-through common shares issued in respect of the Offer.
Canada Silver Cobalt is an exploration and development-stage mineral exploration company. The Company’s primary focus is the development of its wholly owned flagship Castle Cobalt Project in the Cobalt Camp, including the past producing Castle Mine which dates back to 1921.
The proceeds from the Offer will be used to advance the Castle Mine and exploration in the surrounding area, as well as for general working capital purposes and other corporate activities.
The Company is committed to its success and is focused on developing the Castle Mine. The Directors of the Company have full confidence that the successful issuance of the Offer will allow Canada Silver Cobalt to move forward with its plan of operations and become a major player in the cobalt sector.
