Canada Silver Cobalt Works Inc announced plans to raise up to $5 million to help advance its portfolio of Canadian exploration projects.
The financing will include a combination of regular and flow-through shares, which will qualify for tax deductions for Canadian investors under the federal Income Tax Act.
The offering consists of regular units priced at C$0.25 and flow-through units priced at $0.27, as well as Quebec flow-through units priced at $0.29.
READ: Canada Silver Cobalt Works hits nickel, copper and cobalt mineralization in drilling at Graal property, Quebec
Each unit will consist of one share of the company and one warrant for all three unit types, each exercisable at $0.32 per warrant share at any time up to 36 months following the closing of the offering.
Co-leads Research Capital Corporation and Canaccord Genuity (TSX:CF, LSE:CF) Corp will have an option sell an additional 15% of the number of units, flow-through units and/or Quebec flow-through units sold at any time up to 48 hours prior to the closing of the offering.
Net proceeds from the sale will be used for continued exploration activities, and for working capital and general corporate purposes, according to Canada Silver Cobalt Works.
The offering is scheduled to close around April 13, 2022.
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