Crystal Lake Announces Signing of Arrangement Agreement to Create Sassy Spinout
Crystal Lake Announces Signing of Arrangement
Agreement to Create Sassy Spinout
Vancouver, British Columbia--(Newsfile Corp. - June 25, 2019) -
Crystal Lake Mining Corporation
(TSXV: CLM) (OTC PINK: SIOCF)
(FSE: SOG-FF)
(the "
Company
" or
"
Crystal Lake
") is pleased to announce that it has entered into an arrangement agreement
dated June 25, 2019, with wholly-owned subsidiary Sassy Resources Corporation ("
Sassy
Resources
" or "
Sassy
").
Crystal Lake will transfer to Sassy its Northwest Ontario nickel asset (Nicobat Project), and its Letter of Intent dated June 24,
2019, to acquire the Foremore claims in Northwest B.C.'s Golden Triangle, by way of a plan of arrangement pursuant to the
Business Corporations Act of British Columbia.
Sassy Resources will become a reporting issuer in the provinces of British
Columbia and Alberta upon completion of the arrangement.
Highlights:
Pursuant to the arrangement, shareholders of Crystal Lake on the Share Distribution Record Date (to be determined) will
receive a total of 10 million common shares of Sassy Resources;
The spinout will keep Crystal Lake strategically focused on its Newmont Lake Project in the prolific Eskay Camp while
CLM shareholders as of the record date will get ownership in an attractive new entity aimed at unlocking the value of the
Nicobat Project and the Foremore claims;
Following Crystal Lake shareholder approval and regulatory approvals of the arrangement, Sassy Resources will apply for
listing on the TSX Venture Exchange.
Richard Savage, President and CEO of Crystal Lake, commented: "Sassy will have a team and a brand that will excite investors
and advance its projects in an efficient and bold way.
We look forward to announcing the Sassy CEO in the very near future.
Sassy also intends to complete a financing on its own before the completion of the arrangement for general working capital
purposes including certain exploration initiatives."
Nicobat and Foremore
The Nocobat Project consists of the "Emerald Lake" assets, specifically the Iron Property, Farm Property, EL1 and EL5
Properties, and Properties #1, 2, 3, 4, 5, 7 and 8 and Property 6, located in Dobie, Kingsford, Mather, Potts and Tait townships,
in the Dogpaw Lake and Heronry Lake areas of Emo, Ontario.
The Letter of Intent with Lorne Warren dated June 24, 2019, includes the Foremore claims covering 145.3 sq. km adjacent to the
northern boundary of Crystal Lake's Newmont Lake Project.
Required Approvals
The arrangement is subject to the approval of the Supreme Court of British Columbia, the approval by the Crystal Lake
shareholders at an annual general and special meeting to be held on September 25, 2019 (the "
Meeting
"), and the approval by
TSX Venture Exchange.
Details of the arrangement will be provided in a management information circular that will be mailed to all Crystal Lake
shareholders prior to the September 25 Meeting.
At the Meeting, shareholders will be asked to vote on a special resolution
approving the arrangement, among other resolutions.
The arrangement will be posted on SEDAR under the profile of the Company.
Share Distribution Record Date
The Share Distribution Record Date will be determined by the board of directors of Crystal Lake and will be announced by way
of a news release following required approvals.
No outstanding warrants or options of Crystal Lake will be exchanged for the
warrants or options of Sassy Resources.
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 large
Newmont Lake Project 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.
"Richard Savage"
President & CEO
Email:
www.crystallakemining.com
For further information please contact:
Marketsmart Communications
Adrian Sydenham
Tel: +1 (604) 261-4466
Toll Free: +1 (877) 261-4466
Email:
Chad Levesque
Tel: +1 (306) 981-4753
Email:
Momentum PR
Mark Turcotte
Tel: +1 (514) 815-7473
Email:
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/45866