Castle Silver Resources Inc. Shareholders Approve Name Change to “Canada Cobalt Works Inc.“
16.02.2018 | CNW
COQUITLAM, Feb. 16, 2018 - Castle Silver Resources Inc. (TSX.V: CSR, OTC: TAKRF, FRANKFURT: 4T9B) (the "Company" or "CSR") is pleased to announce that shareholders at yesterday's Annual General Meeting ("AGM") voted overwhelmingly (99.97%) in favor of the Company's proposed name change to "Canada Cobalt Works Inc.". The name change is subject to TSX Venture Exchange approval.Anchored by its past producing Castle mine and related infrastructure, plus its proprietary Re-2OX process for cobalt recovery, "Canada Cobalt" will be a vertically integrated operation designed to serve the broader northern Ontario Cobalt Camp and a rapidly growing battery sector searching for ethically sourced cobalt.
Frank Basa, CSR President and CEO, stated: "With Cobalt prices at 10-year highs, and the northern Ontario Cobalt Camp drawing increased attention, we're entering exciting times for shareholders as we embark on various initiatives to build the 'Canada Cobalt' brand."
The Company is not subdividing, consolidating or otherwise altering its share capital in association with the name change. The Company currently has only 60 million shares outstanding with a strong cash position of approximately $2 million.
The Company also announces that at the AGM, all resolutions were approved with over 99% voting in favour. The resolutions passed at the Meeting are listed below:
- The following individuals were re-elected Directors of the Company: Frank J. Basa, Jacques F. Monette, Dianne Tookenay, Robert Setter and Annemette Jorgensen.
- McGovern, Hurley, Cunningham, Chartered Accountants, were re-appointed as Company auditors.
- Adoption of the Company's 10% rolling share option plan was ratified and approved.
The Board of Directors appointed the following officers of the Company for the ensuing year:
| Frank J. Basa: | President and Chief Executive Officer |
| Thomas P. Devlin: | Chief Financial Officer |
| Tina Whyte: | Secretary |
About Castle Silver Resources
The Castle, Beaver and Violet mines are among the most advanced properties in the northern Ontario 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 has 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.
Contact
Frank J. Basa, P. Eng., President and CEO at 1-819-797-4144, or Wayne Cheveldayoff, Investor Relations, waynecheveldayoff@gmail.com, 416-710-2410