VANCOUVER, British Columbia, Oct. 20, 2017 (GLOBE NEWSWIRE) -- CRYSTAL EXPLORATION INC. (the “Company” or “Crystal”) (TSXV:CEI) (OTCQB:CYRTF) proposes to complete a non-brokered private placement financing on a best efforts basis of up to 7,142,857 units (“Units”) at a price of $0.07 per Unit for gross proceeds of up to $500,000. Each Unit will consist of one common share and one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of the Company at an exercise price of $0.11 for a period of 12 months from the date of issue of the warrant. In addition, Crystal is amending the flow-through financing announced on September 15, 2017. Crystal proposes to complete on a best efforts basis of up to 2,222,222 flow-through common shares at a price of $0.09 per share for gross proceeds of up to $200,000.
Proceeds from the private placement will be used for Canadian exploration expenditures and working capital to advance gold and diamond projects located in Nunavut, Canada.
All securities issued will be subject to a four-month hold period. The offering is subject to the approval of the TSX Venture Exchange (the "TSXV") and finder's fees may be payable in accordance with the policies of the TSXV.
About Crystal Exploration Inc. Crystal owns 100% of the Contwoyto Gold Project located south of the Lupin Gold Mine in Nunavut, Canada. An exploration program is in progress to confirm historic gold intercepts from drilling at the Butterfly Gold Occurrence (see Press Release dated October 4, 2017). In addition, Crystal own’s 100% of three diamond projects located near the past producing Jericho Diamond Mine, Nunavut, Canada. Crystal has identified 6 high priority kimberlite targets, that remain untested, which have the potential to be new diamond discoveries.
Crystal is Canadian gold & diamond exploration company with its common shares listed for trading on the TSX Venture Exchange. Crystal is backed by proven and seasoned resource sector professionals, who have a track record of advancing exploration projects from grassroots through to production scenarios. The technical content of this news release have been reviewed and approved by Dean Besserer, P.Geol., the Technical Advisor of the Company and a Qualified Person as defined by National Instrument 43-101.
On behalf of the Board of Directors,
s/ “Jim Greig”
Jim Greig, President and Chief Executive Officer
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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