Crystal Lake Announces Closing of Final Tranche of Non-Brokered Private Placement
Crystal Lake Announces Closing of Final
Tranche of Non-Brokered Private
Placement
VANCOUVER, Jan. 2, 2020 /CNW/ - Crystal Lake Mining
Corporation (TSXV: CLM OTC: SIOCF FSE: SOG-FF) ("Crystal
Lake" or the "Company") announces that, further to its news releases
dated November 14, 2019, November 21, 2019, December 13, 2019
and December 20, 2019, it has closed the final tranche of its non-
brokered private placement (the "Private Placement") through the
issuance of 1,680,000 units (the "Units") at $0.10 per Unit for gross
proceeds of $168,000 and 357,000 flow-through units (the "FT Units")
at $0.13 per FT Unit for gross proceeds of $46,410. The total
aggregate gross proceeds raised in all three tranches of the Unit and
FT Unit Private Placements totals $3,869,005.
Unit Private Placement:
Each Unit consists of one common share (the "Shares") and one
transferable warrant (the "Warrants"), with each warrant entitling the
holder to purchase one additional Share at an exercise price of $0.15
per Share for a period of 5 years from the closing date, provided that
in the event that the closing price of the Company's Shares on the
TSX Venture Exchange (the "Exchange") (or such other exchange on
which the Company's Shares may become traded) is $0.75 or greater
per Share during any twenty (20) consecutive trading day period at
any time subsequent to four months and one day after the closing
date, the Warrants will expire at 4:00 p.m. (Vancouver time) on the
30th day after the date on which the Company provides notice of such
accelerated expiry to the holders of the Warrants.
FT Unit Private Placement:
Each Flow-Through Unit consists of one flow-through Share in the
capital of the Company and one transferable Warrant with each
Warrant entitling the holder to purchase one Share for 2 years from
the closing date at an exercise price of $0.20 per Share.
The Company paid finder's fees of 8% cash and 8% finder's warrants
(the "Finder's Warrants") to PI Financial Corp. and Canaccord
Genuity Corp. The Finder's Warrants issued in the Private Placement
of Units are non-transferable and exercisable at $0.15 per Share for 2
years from the date of issuance and the Finder's Warrants issued in
the Private Placement of FT Units are non-transferable and
exercisable at $0.20 per share for 18 months from the date of
issuance.
The proceeds from the Private Placements will be used for continued
exploration at the Company's Newmont Lake Project and for working
capital and general corporate purposes.
All securities issued are subject to a four-month hold period.
About Crystal Lake Mining
Crystal Lake Mining is a Canadian-based junior exploration company
focused on building shareholder value through high-grade discovery
opportunities in British Columbia and Ontario. The Company has an
option to earn a 100% interest in the Newmont Lake Project, one of
the largest land packages among juniors in the broader Eskay region
in the heart of Northwest B.C.'s Golden Triangle.
On Behalf of the Board of Directors,
CRYSTAL LAKE MINING CORP.
"Maurizio Napoli"
President & CEO
Email: [email protected]
www.crystallakemining.com
Forward-Looking Statement
This news release may contain certain "forward looking statements".
Forward-looking statements involve known and unknown risks,
uncertainties, assumptions and other factors that may cause the
actual results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Any forward-looking statement speaks only as of the date
of this news release and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to
update any forward-looking statement, whether as a result of new
information, future events or results or otherwise. Neither TSX Venture
Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Crystal Lake Mining Corporation
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CO: Crystal Lake Mining Corporation
CNW 16:36e 02-JAN-20