Canada Silver Cobalt Works Inc. (TSX-V:CCW) said it has closed its acquisition of a 10-acre property fronting Highway 11 near Cobalt in Ontario for $265,000 in cash, representing the value of the property of $465,000 minus $200,000 in previously paid lease payments.
The property will be used as the central hub for the company's Ontario and Quebec operations. It houses a 4,000-square-foot, fully serviced warehouse that is currently being leased by the company and used as its main core processing facility.
The warehouse has already been converted into a full-service facility that fits the company's current needs but will also allow for further expansion. The facility is being used for offices, core logging, sampling, core cutting, and long-term core storage.
READ: Canada Silver Cobalt Works begins field work component of Phase 1 exploration at Eby-Otto gold property
The company entered into a purchase and sale agreement for the property on December 6, 2021, revised on April 26, 2022, and further amended on August 23, 2022, to reflect the revised purchase price and the previous lease payments.
The purchase of the property is subject to final 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.
Canada Silver Cobalt Works is an exploration, development, technology, and environment leader in the prolific Northern Ontario silver-cobalt district.
Contact the author at jon.hopkins@proactiveinvestors.com