VANCOUVER, British Columbia, Nov. 15, 2017 (GLOBE NEWSWIRE) -- CRYSTAL EXPLORATION INC. (the “Company” and “Crystal”) (CEI.V) (CYRTF) is pleased to announce closing of the financing previously reported on October 20, 2017 for gross proceeds totaling $646,440. The Company issued 1,987,000 flow-through common shares at a price of $0.09 per common share. In addition, the Company issued 6,680,143 units (“Units”) at a price of $0.07 per Unit. Each Unit consists 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 per share, expiring on November 15, 2018.
The proceeds from the financing will be used for working capital and to advance the Muskox, Contwoyto and Hood projects located in Nunavut, Canada. The proceeds from the flow-through common shares will be used to incur Canadian exploration expenses as defined by the Income Tax Act (Canada) by December 31, 2017. 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.
Jim Greig, President & CEO commented, “The financing included participation from Management and the Board of Directors that re-asserts confidence in both our gold and diamond projects. Crystal anticipates corporate and exploration updates during Q4, 2017 and Q1, 2018”.
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 a 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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