January 13, 2020, Vancouver, British Columbia – Crystal Lake Mining Corporation (TSXV: CLM / OTC: SIOCF / FSE: SOG-FF) (“Crystal Lake” or the “Company”) is pleased to announce that it has determined the share distribution record date with respect to the plan of arrangement (the “Arrangement”) among the Company, Sassy Resources Corporation (“Sassy Resources”) and the shareholders of the Company (the “Crystal Lake Shareholders”).
Under the terms of the Arrangement, Crystal Lake Shareholders of record at the close of business on February 10, 2020 (the “Share Distribution Record Date”) will receive one common share of Sassy Resources (“Sassy Resources Share”) with respect to every one common share of Crystal Lake (“CLM Share”) multiplied by the conversion factor (“the “Conversion Factor”). Pursuant to the Arrangement, the Conversion Factor means the number arrived at by dividing 10,000,000 (ten million) by the number of issued CLM Shares as of the close of business on the Share Distribution Record Date so that the total number of Sassy Resources Shares to be issued to the Crystal Lake Shareholders pursuant to the Arrangement is equal to 10,000,000 (ten million) Sassy Resources Shares subject to rounding of fractional shares.
Sassy Resources Shares will be issued to the Crystal Lake Shareholders on or around February 18, 2020.
The TSX Venture Exchange has advised that the CLM Shares will trade on a “due bill” basis in relation to the issuance of Sassy Resources Shares pursuant the Arrangement. The details of the due bills trading will be announced by a news release closer to the Share Distribution Record Date.
By way of this news release, Crystal Lake is also providing notice to its warrant holders and option holders with respect to the Share Distribution Record Date. In order to receive Sassy Shares pursuant to the Arrangement, a person must be a holder of CLM Shares as of the Share Distribution Record Date. If an option holder or a warrant holder does not exercise his or her warrants or options on or before the Share Distribution Record Date, he or she will not receive Sassy Resources Shares and there will be no changes with respect to the number, terms and conditions of the issued warrants and options of Crystal Lake.
Additional information regarding the terms of the 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, and October 4, 2019, 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.
President & CEO
For further information please contact:
Tel: +1 (604) 261-4466
Toll Free: +1 (877) 261-4466
Momentum Public Relations
Tel: +1 (514) 815-7473
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