Canada Silver Cobalt Works Inc said it has entered into an agreement to purchase a 10-acre property fronting Highway 11 near Cobalt, Ontario, that will be used as the central hub for all of its Ontario and Quebec operations for a cash consideration of $604,000.
The company noted that the property houses a 4,000 square-foot, fully serviced warehouse that it is currently leasing and using as its main core processing facility. The access to Highway 11 allows for easy transportation of core, samples, and distribution of staff to projects across Ontario and Quebec, it added.
“The property is located on the power grid and does not require any generators,” Canada Silver Cobalt said in a statement.
“The location is close to Timiskaming Shores and Cobalt, Ontario and provides easy access to supplies and amenities for company staff. The property also contains an extra building.”
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The company said the warehouse has already been converted into a full-service facility that fits its current needs, but will also allow for further expansion as it grows. The facility is being used for offices, core logging, sampling, core cutting, and long-term core storage - all located on-site.
It added that the purchase of the property is subject to approval by the TSX Venture Exchange. The vendor of the property is a company controlled by a family member of one of the directors and officers of the company.
It expects the purchase to close before year-end.
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