Crystal Lake Mining Corporation Announces Closing of Plan of Arrangement with Sassy Resources Corporation
Crystal Lake Mining Corporation Announces
Closing of Plan of Arrangement with Sassy
Resources Corporation
VANCOUVER
,
Feb. 19, 2020
/CNW/ -
Crystal Lake Mining Corporation (TSXV: CLM / OTC:
SIOCF / FSE: SOG-FF)
("
Crystal Lake
" or the "
Company
") is pleased to announce that, further to
its news releases dated
January 13, 2020
,
January 28
th
, 2020 and
February 11
th
, 2020, the
statutory arrangement under a plan of arrangement (the "
Arrangement
") with Sassy Resources
Corporation ("
Sassy Resources
") has closed effective
February 18
th
, 2020 (the "
Effective Date
").
Completion of the Arrangement, as set forth in the arrangement agreement and plan of arrangement
dated
July 25
th
, 2019 (the "
Arrangement Agreement
"), entered into between the Company and
Sassy Resources, was approved by the shareholders of
Crystal Lake
(the "
CLM Shareholders
") on
September 30
th
, 2019, by a Final Order granted by the Supreme Court of
British Columbia
on
October 3th, 2019
, in accordance with Part 9 of the
Business Corporations
Act
(
British Columbia
),
and accepted by the TSX Venture Exchange (the "
TSXV
").
Pursuant to the Arrangement Agreement and on the Effective Date, the following occurred:
a
.
Crystal Lake distributed 10,000,000 common shares of Sassy Resources (the "
Spinco
Shares
") to the CLM Shareholders on a pro rata basis. The CLM Shareholders received
0.066708 Spinco Shares for every one common share of
Crystal Lake
held as at
February
10
th
, 2020, being the share distribution record date;
b
.
Crystal Lake transferred the assets to Sassy Resources, which assets are described in the
Company's management information circular dated
August 23
rd
, 2019, which was filed on
SEDAR at
www.sedar.com
on
September 3th, 2019
under the Company's SEDAR profile;
c
.
Sassy Resources became a reporting issuer in the Provinces of
British Columbia
and
Alberta
; and
d
.
Crystal Lake retained its working capital for its assets, and remains listed on the TSXV and
continues to trade under the trading symbol, CLM, as a junior exploration company.
About
Crystal Lake
Crystal Lake
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 of
Crystal Lake
:
CRYSTAL LAKE
MINING CORPORATION
"Wally E. Boguski"
COO and Director
Email:
www.crystallakemining.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
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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For further information:
MarketSmart Communications: Tel: +1 (604) 261-4466, Toll Free: +1
(877) 261-4466, Email: [email protected]; Momentum Public Relations: Tel: +1 (514) 815-7473,
Email: [email protected]
CO: Crystal Lake Mining Corporation
CNW 20:16e 19-FEB-20