Canada Silver Cobalt Works Inc (CVE:CCW) (OTCMKTS:CCWOF) said it has increased and closed on an additional $50,000 in its private placement, bringing the total funds raised in all tranches to $6.74 million.
The company said it has issued an additional 90,909 units in the final closing, with each unit comprised of one share and one share purchase warrant exercisable at $0.65 per share.
READ: Canada Silver Cobalt Works closes C$6.7 million financing to fund drilling at Castle East Robinson discovery in Ontario
The additional funds follow the closure of the second and final tranche of its private placement financing, with the first and second tranches raising a total of $6.69 million.
The company said the proceeds of the private placement will be used for ongoing drilling of the Castle East Robinson Zone discovery near the town of Gowganda, Ontario, as well as for general working capital.
The company is focusing on developing its flagship Castle mine and the Castle property which it says features “strong exploration upside for silver, cobalt, nickel, gold and copper in the prolific past-producing Gowganda high-grade Silver-Cobalt District of Northern Ontario”.
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