Crystal Lake arranges private placements for $3.5M

Mar 16, 2019

2019-03-15 19:53 ET – News Release

Mr. Richard Savage reports

CRYSTAL LAKE ARRANGES $3.5 MILLION IN NON-BROKERED PRIVATE PLACEMENTS

Crystal Lake Mining Corp., subject to the approval of the TSX Venture Exchange, has arranged a $3-million non-brokered hard-dollar private placement with a group of strategic investors at a price of 22.5 cents per unit (13,333,334 units).

Each unit will consist of one common share in the capital of the company and one common share purchase warrant. Each warrant will entitle the holder to purchase one 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. This financing is expected to close during the week of March 18.

Additionally, the company wishes to announce that, subject to TSX-V approval, it proposes to raise up to $500,000 through a non-brokered flow-through (FT) private placement of up to 1,428,571 flow-through units at a price of 35 cents per flow-through unit. Each flow-through unit will consist of one flow-through common share in the capital of the company and one warrant. Each warrant will entitle the holder to purchase one share of the company for a period of 24 months from the closing of the offering at an exercise price of 45 cents per flow-through share. This financing is also expected to close during the week of March 18.

The warrants issued in the unit private placement and FT private placement are subject to an acceleration provision that states that in the event that the closing price of the company’s shares on the TSX-V (or such other exchange on which the company’s shares may become traded) is 75 cents or greater per share during any 15-consecutive-trading-day period at any time subsequent to four months and one day after the closing date, the warrants will expire at 4 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.

Proceeds from the unit private placement will be for general working capital purposes and to complete the first phase of Crystal Lake’s 2019 drilling and exploration program (at least $3-million) at the Newmont Lake project in the Eskay region, optioned from Romios Gold, starting in Q2.

Proceeds of the FT private placement will be used to further advance the company’s Newmont Lake project and its Nicobat project in Northwestern Ontario.

The securities will be subject to a four-month hold period from the closing date. Finders’ fees may be payable to qualified parties.

About Crystal Lake Mining Corp.

Crystal Lake Mining is a Canadian-based junior exploration company focused on creating shareholder wealth through high-impact new mineral discoveries in the prolific Eskay region of northwestern British Columbia and in Northwestern Ontario.

We seek Safe Harbor.

https://www.crystallakeminingcorp.com/