Crystal Lake Mining Adds Major New Investor
Crystal Lake Mining Adds Major New Investor
VANCOUVER
,
Sept. 12, 2019
/CNW/ -
Crystal Lake Mining Corporation
(
TSXV: CLM OTC:
SIOCF FSE: SOG-FF)
("Crystal Lake" or the "
Company
") is pleased to announce that it has closed
$1,438,000
(4,793,333 units) as the first tranche of a proposed
$1.5 million
private placement of
hard dollar units at
30 cents
per unit (5,000,000 units), subject to TSX Venture Exchange approval
(see further details below).
Mr.
Rob McEwen
has purchased 1,666,667 units
($500,000)
of the private placement through his
wholly owned company Evanachan Limited. Mr. McEwen is the Chairman and Chief Owner of
McEwen Mining Inc. and is the Founder and former Chairman and CEO of Goldcorp Inc., recently
acquired by Newmont.
Richard Savage
,
Crystal Lake President
and CEO, commented: "We are pleased to welcome
Rob
McEwen
as a strategic new shareholder. Mr. McEwen has a very successful track record, having
grown Goldcorp's market capitalization from
$50 million
to over
$8 billion dollars
. He is a strong
believer in the precious metal and commodity markets, and we are grateful to include him as a
shareholder with us all."
Proceeds of this private placement will be used to advance the Company's Newmont Lake Project,
where a drill program continues in
Northwest British Columbia's
prolific
Eskay Camp
, and for general
working capital purposes.
Private Placement Details
Each unit of the private placement, consisting of five million units at
30 cents
per unit, includes one
common share in the capital of the Company and one-half of a share purchase warrant. Each full
warrant entitles the holder to purchase one common share of the company for a period of 24 months
from the closing of the offering at an exercise price of
35 cents
per share. The securities will be
subject to a four-month hold period and finder's fees may be payable to qualified parties.
Insiders of the Company subscribed for 76,667 units, with
Wally Boguski
, COO and a director of the
Company, subscribing for 30,000 units and
Maurizio Napoli
, VP Exploration of the Company,
subscribing for 46,667 units. As a result, the Private Placement is a related party transaction (as
defined under Multilateral Instrument 61-101
Protection of Minority Security Holders in Special
Transactions
("
MI 61-101
"). The Company relied upon the "Issuer Not Listed on Specified Markets"
and "Fair Market Value Not More Than
$2,500,000
" exemptions from the formal valuation and
minority shareholder approval requirements, respectively, under MI 61-101.
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, the largest land package 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.
"Richard Savage"
President & CEO
Email:
www.crystallakemining.com
SOURCE
Crystal Lake Mining Corporation
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Email: [email protected]
CO: Crystal Lake Mining Corporation
CNW 18:05e 12-SEP-19