9 May 2018
Crystal Exploration Inc. reports that further to the company’s announcement on March 22, 2018, it has increased the required financing for the Lawyers Property, BC, from $3.0 million to $3.21 million. The company now proposes to complete a non-brokered private placement of 53,500,000 units at an offering price of $0.06 per Unit, to raise gross proceeds of up to $3.21 million. Each Unit will consist of one (1) common share of the Company as the share capital is presently constituted, and one (1) share purchase warrant to acquire one additional common share at an exercise price of $0.12 per share for a period of two (2) years from the date of closing of the Offering. In the event that the common shares of the Company trade at a closing price greater than $0.14 per share for a period of 10 consecutive days, then the Company may deliver a notice to the Warrant holders that they must exercise their Warrants within the next 30 days, or the Warrants will expire. The net proceeds from the Offering will be used to finance the minimum expenditures on the Property over the next 12 months, as well as to provide the Company with working capital for general and administrative expenses. The terms of the Offering are subject to the acceptance of the Exchange. Certain finders will receive finders’ fees equal to 6% in cash and 6% in Warrants of the gross proceeds raised from their introductions.