Cruz Cobalt Completes Airborne Work Program on Four Separate Ontario Cobalt Prospects
Cruz Cobalt Corp. (CUZ—TSXv, BKTPF—OTCBB, A2DMG8–FSE) is pleased to announce that Eagle GeoPhysics (“Eagle”) based out of Quebec, has now completed the airborne work program over Cruz’s four separate Ontario cobalt properties. The airborne survey is the first of several work programs that are being formulated.
Cruz President, James Nelson, stated, “We are pleased to be finished the first phase of the work programs that we have been planning. Once we have the data back, all new areas will be evaluated to determine any new areas of focus as Cruz is one of the largest land holders in this world class cobalt district. We look forward to uncovering some additional data that may provide new cobalt targets as well as tightening up our current areas of focus. Cruz now has more cash in the bank than at any other point and we plan to be very proactive deploying this cash with the goal of increasing value for our shareholders.”
Cruz currently has nine cobalt projects located throughout North America, comprising of four in Ontario, three in British Columbia, one in Idaho and one in Montana. Cruz’s four separate Ontario cobalt prospects are all located in the vicinity of the town of Cobalt, making Cruz one of the single largest land holders in this emerging cobalt district. Cruz’s Ontario projects include the 900-acre Coleman Cobalt prospect, the 900-acre Johnson Cobalt Prospect, the 5500-acre Hector Cobalt Prospect and the 1,480-acre Bucke Cobalt Prospect. Our 4935-acre War Eagle Cobalt Prospect in British Columbia covers a past-producing mine.
Additionally, Cruz has closed a non-brokered private placement (“the Offering”) of 2,619,047 units for gross proceeds of $550,000, as previously announced on August 8, 2017. The Company issued 2,619,047 flow-through (“FT”) shares at $0.21 per share. The Company also paid an aggregate finders’ fee of $38,500 and issued 183,333 B Warrants. Each B Warrant is exercisable into one common share at an exercise price of $0.21 until expiry on August 11, 2020. All securities issued in respect to this Offering have a hold period expiring on December 12, 2017.
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