VANCOUVER, Sept. 12, 2019 /CNW/ - Crystal Lake
Mining Corporation (TSXV: CLM OTC: SIOCF FSE:
SOG-FF) ("Crystal Lake" or the "Company") is pleased to
announce that it has closed $1,438,000 (4,793,333 units) as the first tranche
of a proposed $1.5 million private
placement of hard dollar units at 30
cents per unit (5,000,000 units), subject to TSX Venture
Exchange approval (see further details below).
Mr. Rob McEwen has purchased
1,666,667 units ($500,000) of the
private placement through his wholly owned company Evanachan
Limited. Mr. McEwen is the Chairman and Chief Owner of McEwen
Mining Inc. and is the Founder and former Chairman and CEO of
Goldcorp Inc., recently acquired by Newmont.
Richard Savage, Crystal Lake President and CEO, commented: "We
are pleased to welcome Rob McEwen as
a strategic new shareholder. Mr. McEwen has a very successful track
record, having grown Goldcorp's market capitalization from
$50 million to over $8 billion dollars. He is a strong believer in
the precious metal and commodity markets, and we are grateful to
include him as a shareholder with us all."
Proceeds of this private placement 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.
Private Placement Details
Each unit of the private placement, consisting of five million
units at 30 cents per unit, includes
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
35 cents per share. The
securities will be subject to a four-month hold period and finder's
fees may be payable to qualified parties.
Insiders of the Company subscribed for 76,667 units, with
Wally Boguski, COO and a director of
the Company, subscribing for 30,000 units and Maurizio Napoli, VP Exploration of the Company,
subscribing for 46,667 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.
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.
"Richard Savage"
President & CEO
Email: info@crystallakemining.com
www.crystallakemining.com
SOURCE Crystal Lake Mining Corporation