Vancouver, BC – Crystal Lake Mining Corporation (the “Company”) Vancouver, BC – Crystal Lake Mining Corporation (the “Company”) is pleased to announce that it has closed the private placement previously announcing on December 20, 2017, and has issued a total of 1,400,000 units (“Units”) for gross proceeds of $700,000. Each Unit consists of one common share issued at $0.50 per share and one common share purchase warrant (a “Warrant”). Each Warrant may be exercised by the holder to purchase an additional common share at a price of $0.52 for a period of 24-months from closing. The Company directors/insiders group have participated to purchase 972,000 units for a total of $472,000.
The proceeds of this private placement will be used to advance exploration activities at the Company’s Emo, Ontario properties and for general working capital. No finder’s fee is payable on this transaction. All securities issued are subject to a four-month hold period.
The company has also announced, that pursuant to the Company’s stock option plan, it has granted incentive stock options to its directors, officers, employees and consultants to purchase an aggregate of 900,000 common shares at an exercise price of $0.60 per share for up to two (2) years. The company will also pay off a previous debt of up to $100,000 by issuing company shares at a deemed price of $0.55 cents.
About the Company
Crystal Lake Mining Corporation is a mineral exploration/Development company focused on creating value through the exploration and development of its British Columbia and Ontario mineral properties.
On behalf of The Board of Directors of Crystal Lake Mining Corporation.
Alphonse Ruggiero, Director/CFO
This news release contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the control of Crystal Lake Mining Corporation which may cause actual results, performance or achievements of Crystal Lake Mining Corporation on to be materially different from the results, performance or expectation implied by these forward looking statements.
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 press release, which has been prepared by management.