September 25, 2019, Vancouver, British Columbia – 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 release of September 12, 2019, it has closed a second tranche of a non-‑brokered private placement raising an additional $73,800 through the issuance of 246,000 units at $0.30 per unit for total gross proceeds raised in both tranches of $1,511,800 through the issuance of 5,039,333 units. The private placement is subject to the approval of the TSX Venture Exchange (the “TSXV”).
Each unit consists of one common share in the capital of the Company and one-half of a share purchase warrant. Each full warrant entitles the holder to purchase one common 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.
The Company paid a finder’s fee of $3,912 and 13,040 finder’s warrants to Leede Jones Gable Inc. The finder’s warrants are non-transferable and exercisable at a price of $0.35 per share for a period of 24 months from the closing of the offering.
Lawrence Roulston, a director of the Company, subscribed for 83,000 units. As a result, the Private Placement is a related party transaction (as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company relied upon the “Issuer Not Listed on Specified Markets” and “Fair Market Value Not More Than $2,500,000” exemptions from the formal valuation and minority shareholder approval requirements, respectively, under MI 61-101.
Additionally, the Company announces that, subject to the approval of the TSXV, it has closed a financing of 100,000 flow-through units at a price of $0.35 per flow-through unit raising additional gross proceeds of $35,000. Each flow-through unit consists of one common share in the capital of the Company and one common share purchase warrant. Each warrant entitles the holder to purchase one common share of the Company for a period of 24 months from the closing of the offering at an exercise price of $0.45 per share.
The securities issued are subject to a four-month hold period. Proceeds of the private placements will be used to advance the Company’s Newmont Lake Project, where a drill program continues in Northwest British Columbia’s prolific Eskay Camp, and for general working capital purposes.
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, the largest land package 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.
President & CEO
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