VANCOUVER, Jan. 28, 2020 /CNW/ - Crystal Lake Mining Corporation CLMSIOCF ("Crystal Lake" or the "Company") further to its news release dated January 13, 2020 is pleased to announce the particulars of the "Due Bills" trading with respect to the plan of arrangement (the "Arrangement") among the Company, Sassy Resources Corporation ("Spinco") and the shareholders of the Company.
The Payable Date, Record Date, Due Bill Trading Date, Ex-Distribution Date and Due Bill Redemption Date will be as set forth below.
Distribution per Share:
| The number of Spinco shares that is equal to 10,000,000 (ten million) divided by the total number of issued and outstanding Company shares as of the close of business on Record Date |
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 |
The final number of Spinco shares that will be distributed per one Company share pursuant to the Arrangement will be published in a subsequent news release following the close of business on February 10, 2020 (Record Date) and prior to February 19, 2020 (Ex-Distribution Date).
No fractional shares of Spinco will be distributed to shareholders and, as a result, all fractional amounts arising under the Arrangement will be rounded down to the nearest whole number without any compensation therefor.
DUE BILL TRADING:
The Company has declared a distribution, per one common share held in the Company, of the number of Spinco shares that is equal to 10,000,000 (ten million) divided by the total number of issued and outstanding Company shares as of the close of business on February 10, 2020, which is payable on February 18, 2020 to shareholders of record as of the close of business on February 10, 2020. The common shares of the Company will commence trading on a "due bill" basis effective from the opening on February 7, 2020 until February 18, 2020 inclusively. Sellers of the shares from February 7, 2020 to and including February 18, 2020 will not be entitled to the distribution. The shares will commence trading on an ex-distribution basis effective at the opening on February 19, 2020.
Additional information regarding the terms of the 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 and January 13, 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.
"Maurizio Napoli"
President, 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
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