Canada Silver Cobalt Works (CVE:CCW) (OTCQB:CCWOF) (FRA:4T9B) said it had closed a placing, raising C$4.95 million, as the company continues to advance assets in the prolific past producing Gowganda high-grade silver district in Ontario.
In a brief statement, the group said it is issuing 4,288,778 flow-through units (FT units) at C$0.63 each, raising gross proceeds of C$2,701,930.
READ: Canada Silver Cobalt Works options highly prospective B2 nickel-copper-cobalt project in Quebec
The mining group said it will also issue 3,308,824 Quebec FT units at C$0.68 per QFT unit to raise gross proceeds C$2.25 million.
Each FT and QFT unit consists of one flow-through company share and one half of a share purchase warrant.
Each whole warrant will entitle the holder to buy one further share at an exercise price of C$0.80 each for two years from closing, subject to Toronto venture exchange approval.
In May this year, the company released the first-ever resource in the Gowganda Camp and greater Cobalt Camp at the Robinson zone.
Inferred ounces of silver was pegged at 7.56 million ounces at a very high-grade of 8,582 grams per tonne un-cut, from 27,400 tonnes of material from two sections (1A and 1B) of the Robinson Zone beginning at a vertical depth of around 400 meters. The discovery remains open in all directions.
Canada Silver Cobalt's flagship Castle mine and 78 square kilometre (sq km) Castle property boast strong exploration upside for silver, cobalt, nickel, gold and copper.
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