Crystal Lake Mining Corporation Announces the Share Exchange Ratio and an Update Regarding the Due Bill Trading with Respect to the Sassy Resources Corporation Shares to be Issued Pursuant to the Plan of Arrangement VANCOUVER
Crystal Lake Mining Corporation Announces
the Share Exchange Ratio and an Update
Regarding the Due Bill Trading with Respect to
the Sassy Resources Corporation Shares to
be Issued Pursuant to the Plan of Arrangement
VANCOUVER
,
Feb. 11, 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
and
January 28, 2020
, an aggregate of 10,000,000
common shares (the "
Spinco Shares
") of Sassy Resources Corporation ("
Spinco
") will be
distributed to the shareholders of the Company (the "
CLM
Shareholders
") in connection with the
plan of arrangement (the "
Plan of Arrangement
") among the Company, Spinco and the CLM
Shareholders.
The share conversion factor is 0.066708 (the
"Conversion Factor"
). In accordance with the Plan
of Arrangement, the Conversion Factor was determined by dividing 10,000,000 (ten million) by
149,907,933, which is the number of common shares of the Company (the "
CLM Shares
")
outstanding as at the close of business on
February 10, 2020
(the "
Record Date
").
The CLM Shareholders who hold CLM Shares as at the Record Date will receive for every one CLM
share held 0.066708 of a Spinco share (one Spinco Share with respect to every 14.9907 CLM
Shares).
The Payable Date, Record Date, Due Bill Trading Date, Ex-Distribution Date and Due Bill
Redemption Date are as set forth below.
Distribution per Share:
0.066708 of a Spinco share for every one Company share
Payable Date:
February 18, 2020
Record Date:
February 10, 2020
Due Bill Trading Date:
February 7, 2020
Ex-Distribution Date:
February 19, 2020
Due Bill Redemption Date:
February 20, 2020
No fractional Spinco Shares will be distributed to the CLM Shareholders and, as a result, all
fractional amounts arising under the Plan of Arrangement will be rounded down to the nearest whole
number without any compensation therefor.
The number of CLM Shares held by the CLM Shareholders will not change.
Additional information regarding the terms of the Plan of Arrangement are set out in
Crystal Lake's
management information circular dated
August 23, 2019
, and the news releases dated
June 25,
2019
,
July 26, 2019
,
October 1, 2019
,
October 4, 2019
,
January 13, 2020
and
January 28, 2020
,
all of which are available for viewing on
Crystal Lake's
SEDAR profile at
www.sedar.com
.
About
Crystal Lake
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.
"Wally 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
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/February2020/11/c9380.html
%SEDAR: 00029065E
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 18:45e 11-FEB-20