VANCOUVER, May 18, 2018 /CNW/ - Crystal Lake Mining Corporation (the "Company" or "Crystal Lake") is pleased to announce that it has closed the first tranche of a $1 million non-brokered private placement to strategic investors at 55 cents per unit for gross proceeds of $700,000. A total of 1,272,727 shares were issued to complete the first tranche. The second and final tranche of this "hard dollar" financing is expected to close next week.
Each unit of the $1 million Crystal Lake private placement consists of one common share of the Company and one full share purchase warrant. Each warrant entitles the subscriber to purchase an additional common share at a price of 70 cents for 24 months. All securities will be subject to a statutory hold period of four months from closing.
Proceeds of the financing, which remains subject to regulatory approval, will be used to further advance the Company's Nicobat Project in northwest Ontario and for general working capital purposes. A finder's fee is payable to qualified recipients as permitted by the TSX-V.
About Crystal Lake Mining
Crystal Lake Mining is a Canadian-based junior exploration company focused on building shareholder value through the discovery of new magmatic nickel sulfide deposits using technical excellence in exploration target development.
Forward-Looking Information
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.
On behalf of The Board of Directors of Crystal Lake Mining Corporation.
Alphonse Ruggiero, Director/CFO
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.
