VANCOUVER, Jan. 2, 2020 /CNW/ - Crystal Lake Mining
Corporation (TSXV: CLM OTC: SIOCF FSE: SOG-FF)
("Crystal Lake" or the "Company") announces
that, further to its news releases dated November 14, 2019, November 21, 2019, December 13, 2019 and December 20, 2019, it has closed the final
tranche of its non-brokered private placement (the "Private
Placement") through the issuance of 1,680,000 units (the
"Units") at $0.10 per Unit for
gross proceeds of $168,000 and
357,000 flow-through units (the "FT Units") at
$0.13 per FT Unit for gross proceeds
of $46,410. The total aggregate
gross proceeds raised in all three tranches of the Unit and FT Unit
Private Placements totals $3,869,005.
Unit Private Placement:
Each Unit consists of one common share (the "Shares") and
one transferable warrant (the "Warrants"), with each warrant
entitling the holder to purchase one additional Share at an
exercise price of $0.15 per Share for
a period of 5 years from the closing date, provided that in the
event that the closing price of the Company's Shares on the TSX
Venture Exchange (the "Exchange") (or such other exchange on
which the Company's Shares may become traded) is $0.75 or greater per Share during any twenty (20)
consecutive trading day period at any time subsequent to four
months and one day after the closing date, the Warrants will expire
at 4:00 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.
FT Unit Private Placement:
Each Flow-Through Unit consists of one flow-through Share in the
capital of the Company and one transferable Warrant with each
Warrant entitling the holder to purchase one Share for 2 years from
the closing date at an exercise price of $0.20 per Share.
The Company paid finder's fees of 8% cash and 8% finder's
warrants (the "Finder's Warrants") to PI Financial Corp. and
Canaccord Genuity Corp. The Finder's Warrants issued in the
Private Placement of Units are non-transferable and exercisable at
$0.15 per Share for 2 years from the
date of issuance and the Finder's Warrants issued in the Private
Placement of FT Units are non-transferable and exercisable at
$0.20 per share for 18 months from
the date of issuance.
The proceeds from the Private Placements will be used for
continued exploration at the Company's Newmont Lake Project and for
working capital and general corporate purposes.
All securities issued are subject to a four‑month hold
period.
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, 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.
"Maurizio Napoli"
President & CEO
Email: info@crystallakemining.com
www.crystallakemining.com
Forward-Looking Statement
This news release may contain certain "forward looking
statements". Forward-looking statements involve known and unknown
risks, uncertainties, assumptions and other factors that may cause
the actual results, performance or achievements of the Company to
be materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Any forward-looking statement speaks only as of the
date of this news release and, except as may be required by
applicable securities laws, the Company disclaims any intent or
obligation to update any forward-looking statement, whether as a
result of new information, future events or results or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Crystal Lake Mining Corporation