VANCOUVER, Feb. 11, 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 and
January 28, 2020, an aggregate of
10,000,000 common shares (the "Spinco Shares") of Sassy
Resources Corporation ("Spinco") will be distributed to the
shareholders of the Company (the "CLM Shareholders")
in connection with the plan of arrangement (the "Plan of
Arrangement") among the Company, Spinco and the CLM
Shareholders.
The share conversion factor is 0.066708 (the "Conversion
Factor"). In accordance with the Plan of Arrangement, the
Conversion Factor was determined by dividing 10,000,000 (ten
million) by 149,907,933, which is the number of common shares of
the Company (the "CLM Shares") outstanding as at the close
of business on February 10, 2020 (the
"Record Date").
The CLM Shareholders who hold CLM Shares as at the Record Date
will receive for every one CLM share held 0.066708 of a Spinco
share (one Spinco Share with respect to every 14.9907 CLM
Shares).
The Payable Date, Record Date, Due Bill Trading Date,
Ex-Distribution Date and Due Bill Redemption Date are as set forth
below.
|
Distribution per
Share:
|
0.066708 of a
Spinco share for every one Company share
|
|
|
|
Payable
Date:
|
February 18,
2020
|
|
|
|
Record
Date:
|
February 10,
2020
|
|
|
|
Due Bill Trading
Date:
|
February 7,
2020
|
|
|
|
Ex-Distribution
Date:
|
February 19,
2020
|
|
|
|
Due Bill Redemption
Date:
|
February 20,
2020
|
No fractional Spinco Shares will be distributed to the CLM
Shareholders and, as a result, all fractional amounts arising under
the Plan of Arrangement will be rounded down to the nearest whole
number without any compensation therefor.
The number of CLM Shares held by the CLM Shareholders will not
change.
Additional information regarding the terms of the Plan of
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, October 4, 2019,
January 13, 2020 and January 28, 2020, 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.
"Wally Boguski"
COO and Director
Email: info@crystallakemining.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
