VANCOUVER, Nov. 14, 2019 /CNW/ - Crystal Lake Mining
Corporation (TSXV: CLM OTC: SIOCF FSE: SOG-FF)
("Crystal Lake" or the "Company") announces
that it intends to complete a non-brokered private placement
for gross proceeds of up to $2,500,000 through the issuance of up to
25,000,000 units (the "Units") at $0.10/Unit and through the issuance of up to
approximately $600,000 through the
issuance of approximately 4,600,000 flow-through units (the
"Flow-Through Units") at $0.13
per Flow-Through Unit.
Each Unit will consist 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 (or such other exchange on which the Company's
common 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.
Each Flow-Through Unit will consist of one flow-through common
share in the capital of the Company and one 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 anticipates that current Insiders of the Company
will participate in the Private Placement. Finder's fees may be
paid to qualified parties in accordance with applicable securities
laws. The proceeds from the Offering will be used for continued
exploration at the Company's Newmont Lake Project and for working
capital and general corporate purposes.
The Company also wishes to confirm that the Board of Directors
has passed a resolution made effective on October 29, confirming that the Company will not
effect a consolidation of its issued and outstanding Shares for a
period of 3 years.
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