Crystal Lake sets share conversion factor for spinout

Feb 12, 2020

2020-02-11 18:52 ET – News Release

Mr. Wally Boguski reports

CRYSTAL LAKE MINING CORPORATION ANNOUNCES THE SHARE EXCHANGE RATIO AND AN UPDATE REGARDING THE DUE BILL TRADING WITH RESPECT TO THE SASSY RESOURCES CORPORATION SHARES TO BE ISSUED PURSUANT TO THE PLAN OF ARRANGEMENT

Further to Crystal Lake Mining Corp.’s news releases dated Jan. 13, 2020, and Jan. 28, 2020, a total of 10 million common shares of Sassy Resources Corp. (Spinco) will be distributed to the shareholders of the company in connection with the plan of arrangement among the company, Spinco and the company’s shareholders.

The share conversion factor is 0.066708. In accordance with the plan of arrangement, the conversion factor was determined by dividing 10 million by 149,907,933, which is the number of common shares of the company outstanding as at the close of business on Feb. 10, 2020 (the record date).

The Crystal Lake shareholders who hold Crystal Lake shares as at the record date will receive, for every one Crystal Lake share held, 0.066708 of a Spinco share (one Spinco share with respect to every 14.9907 Crystal Lake 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: Feb. 18, 2020

Record date: Feb. 10, 2020

Due bill trading date: Feb. 7, 2020

Ex distribution date: Feb. 19, 2020

Due bill redemption date: Feb. 20, 2020

No fractional Spinco shares will be distributed to the Crystal Lake 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 Crystal Lake shares held by the Crystal Lake shareholders will not change.

Additional information regarding the terms of the plan of arrangement is 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, Oct. 4, 2019, Jan. 13, 2020, and Jan. 28, 2020, all of which are available for viewing on Crystal Lake’s SEDAR profile.

About Crystal Lake Mining Corp.

Crystal Lake 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 British Columbia’s Golden Triangle.

https://crystallakemining.com/