COQUITLAM, BC,
Jan. 8, 2018 /CNW/ - Castle Silver
Resources Inc. (TSX.V: CSR, OTC: TAKRF, FRANKFURT: 4T9B) (the "Company" or "CSR") has
arranged a non-brokered private placement for total proceeds of
$1,030,000.
Proceeds from the hard dollar (non-flow-through) financing at
35 cents per unit will go toward
expanding the underground cobalt program at the past producing
Castle Silver mine near Gowganda,
Ontario.
Private Placement Details
CSR will issue a total of 2,942,857 units at 35 cents per unit. Each unit of the private
placement comprises one share and one share purchase warrant. Each
warrant will entitle the holder thereof to purchase one additional
common share of the Company at an exercise price of 50 cents per share for a period of two years from
closing, subject to TSX Venture Exchange approval. No finders' fees
will be paid in connection with the private placement.
All securities issued in connection with the private placement
will be subject to a four-month-and-one-day hold period in
accordance with applicable securities laws.
About Castle Silver Resources Inc.
The Castle Silver mine, Beaver mine and Violet mine, all
100%-owned by CSR, are all past producing properties in the
northern Ontario Silver-Cobalt Camp. While they comprise only
2,840 hectares, they are sources of high-grade cobalt that can
quickly be developed into a shovel-ready state. The Company also
owns the Re-2OX process which has been pilot-plant-tested to
separate the various metals that comprise the mineralization in the
Cobalt Camp vein systems. The Company has been to Japan and China to meet with buyers of cobalt-based
salts that are used in the lithium battery market. Studies are
underway to develop a milling processing facility and leach plant
on one of the Castle Silver Resources' properties.
"Frank J. Basa"
Frank J. Basa P. Eng.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. This news release may contain
forward-looking statements including but not limited to comments
regarding the timing and content of upcoming work programs,
geological interpretations, receipt of property titles, potential
mineral recovery processes, etc. Forward-looking statements address
future events and conditions and therefore, involve inherent risks
and uncertainties. Actual results may differ materially from those
currently anticipated in such statements.
SOURCE Castle Silver Resources Inc.