VANCOUVER, Feb. 19, 2020 /CNW/ - 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
releases dated January 13, 2020,
January 28th, 2020 and
February 11th, 2020, the
statutory arrangement under a plan of arrangement (the
"Arrangement") with Sassy Resources Corporation ("Sassy
Resources") has closed effective February 18th, 2020 (the "Effective
Date").
Completion of the Arrangement, as set forth in the arrangement
agreement and plan of arrangement dated July
25th, 2019 (the "Arrangement Agreement"),
entered into between the Company and Sassy Resources, was
approved by the shareholders of Crystal
Lake (the "CLM Shareholders") on September 30th, 2019, by a Final Order
granted by the Supreme Court of British
Columbia on October 3th, 2019,
in accordance with Part 9 of the Business Corporations
Act (British Columbia), and
accepted by the TSX Venture Exchange (the "TSXV").
Pursuant to the Arrangement Agreement and on the Effective Date,
the following occurred:
- Crystal Lake distributed 10,000,000 common shares of Sassy
Resources (the "Spinco Shares") to the CLM
Shareholders on a pro rata basis. The CLM Shareholders received
0.066708 Spinco Shares for every one common share of Crystal Lake held as at February 10th, 2020, being the share
distribution record date;
- Crystal Lake transferred the assets to Sassy Resources,
which assets are described in the Company's management information
circular dated August
23rd, 2019, which was filed on SEDAR at
www.sedar.com on September 3th,
2019 under the Company's SEDAR profile;
- Sassy Resources became a reporting issuer in the Provinces of
British Columbia and Alberta; and
- Crystal Lake retained its working capital for its assets,
and remains listed on the TSXV and continues to trade under the
trading symbol, CLM, as a junior exploration company.
About Crystal Lake
Crystal Lake 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 of Crystal Lake:
CRYSTAL LAKE MINING
CORPORATION
"Wally E. Boguski"
COO and Director
Email: web@crystallakeminingcorp.com
www.crystallakemining.com
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Crystal Lake Mining Corporation