Mr. Maurizio Napoli reports
CRYSTAL LAKE MINING CORPORATION ANNOUNCES THE SHARE DISTRIBUTION RECORD DATE AND THE "DUE BILL" BILL DATE WITH RESPECT TO THE PLAN OF ARRANGEMENT FOR CRYSTAL LAKE MINING SHARES
Crystal Lake Mining Corp. has determined the share distribution record date with respect to the plan of arrangement among the company, Sassy Resources Corp. and the shareholders of the company.
Under the terms of the arrangement, Crystal Lake shareholders of record at the close of business on Feb. 10, 2020, will receive one common share of Sassy Resources with respect to every one common share of Crystal Lake multiplied by the conversion factor. Pursuant to the arrangement, the conversion factor means the number arrived at by dividing 10 million by the number of issued Crystal Lake shares as of the close of business on the share distribution record date so that the total number of Sassy Resources shares to be issued to the Crystal Lake shareholders pursuant to the arrangement is equal to 10 million Sassy Resources shares subject to rounding of fractional shares.
Sassy Resources shares will be issued to the Crystal Lake shareholders on or around Feb. 18, 2020.
The TSX Venture Exchange has advised that the Crystal Lake shares will trade on a due-bill basis in relation to the issuance of Sassy Resources shares pursuant the arrangement. The details of the due bills trading will be announced by a news release closer to the share distribution record date.
By way of this news release, Crystal Lake is also providing notice to its warrant holders and option holders with respect to the share distribution record date. In order to receive Sassy shares pursuant to the arrangement, a person must be a holder of Crystal Lake shares as of the share distribution record date. If an option holder or a warrant holder does not exercise his or her warrants or options on or before the share distribution record date, he or she will not receive Sassy Resources shares and there will be no changes with respect to the number, terms and conditions of the issued warrants and options of Crystal Lake.
Additional information regarding the terms of the arrangement are set out in Crystal Lake's management information circular dated Aug. 23, 2019, and the news releases dated June 25, 2019, July 26, 2019, Oct. 1, 2019, and Oct. 4, 2019, all of which are available for viewing on Crystal Lake's SEDAR profile.
About Crystal Lake Mining Corp.
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-per-cent 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.
© 2020 Canjex Publishing Ltd. All rights reserved.