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Canada Silver Cobalt Completes $6.0 Million Private Placement

Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the "Company" or "Canada Silver Cobalt") announces that it has closed its previously-announced upsized brokered private placement (the “Offering”) by raising gross proceeds of approximately $6.04 million, including following partial exercise of an agents’ option to increase the size of the Offering. At the closing of the Offering, the Company issued 7,468,000 units (“Units”) at a price of $0.25 per Unit, 8,682,500 flow- through units (“FT Units”) at a price of $0.27 per FT Unit, and 6,310,000 Quebec flow-through units (“QFT Units”) at a price of $0.29 per QFT Unit.


Canada Silver Cobalt will use the net proceeds from the Offering for continued exploration activities, working capital and general corporate purposes. The gross proceeds from the issue and sale of the FT Units and QFT Units will be used to incur Canadian Exploration Expenses and “flow-through mining expenditures” as defined in the Tax Act and the Taxation Act (Quebec) on the Company’s Castle property and Graal property, respectively, on or before December 31, 2023 and renounced with an effective date no later than December 31, 2022 to the initial purchasers of FT Units and QFT Units in an aggregate amount not less than the gross proceeds from the sale of the FT Units and QFT Units.


About Canada Silver Cobalt Works Inc.

Canada Silver Cobalt Works Inc. recently discovered a major high-grade silver vein system at Castle East located 1.5 km from its 100%-owned, past-producing Castle Mine near Gowganda in the prolific and world- class silver-cobalt mining district of Northern Ontario. The Company has completed a 60,000m drill program aimed at expanding the size of the deposit with an update to the resource estimate underway.