2019Finance

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

By March 15, 2019 May 2nd, 2019 No Comments

March 15, 2019, Vancouver, British Columbia – Crystal Lake Mining Corporation (the “Company” or “Crystal Lake”) is pleased to announce that, subject to the approval of the TSX Venture Exchange, (“TSXV”) the Company has arranged a $3,000,000 non-brokered hard dollar private placement (“Unit Private Placement”) with a group of strategic investors at a price of $0.225 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 $0.35 per share. This financing is expected
to close during the week of March 18.

Additionally, the Company wishes to announce that, subject to TSXV approval, it proposes to raise up to $500,000 through a non-brokered flow-through private placement (“FT Private Placement”) of up to 1,428,571 flow-through units at a price of $0.35 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 $0.45 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 TSXV (or such other exchange on which the Company’s shares may become traded) is $0.75 (CDN) or greater per share during any fifteen (15) consecutive trading day period at any time subsequent to four months and one day after the closing date, the warrants will expire at 4:00 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.

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 (RG: TSXV), 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 Northwest Ontario.

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

About Crystal Lake Mining

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 Northwest British Columbia and in Northwest Ontario.

For further information please contact:
MarketSmart Communications Inc.

Tel: +1 (604) 261-4466
Toll free: 1-877- 261-4466
Email: info@marketsmart.ca

On behalf of The Board of Directors of Crystal Lake Mining Corporation,

Richard Savage, President & CEO

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.