VANCOUVER, Dec. 13, 2019 /CNW/
- Crystal Lake Mining
Corporation (TSXV: CLM OTC: SIOCF FSE: SOG-FF)
("Crystal Lake" or the "Company") announces
that, further to its news release of November 14, 2019, it wishes to increase its
non‑brokered private placement (the "Private Placement") of
units from 25,000,000 units (the "Units") at $0.10 per Unit to 40,000,000 Units at
$0.10 per Unit for total gross
proceeds of up to $4,000,000.
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 (the "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.
The proceeds from the Private Placement will be used for
continued exploration at the Company's Newmont Lake Project and for
working capital and general corporate purposes. All securities
issued are subject to a four‑month hold period.
As announced on November 21, 2019,
the Company completed the first tranche of the Private Placement
raising gross proceeds $1,551,325 in
the Unit Private Placement, and $332,500 in the flow-through Unit Private
Placement.
The Company confirms that there is no material fact or material
change about the Company that has not already been generally
disclosed. Closing of the Private Placement is subject to
certain conditions, including receipt of all necessary approvals,
including the approval of the Exchange.
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
