Major Transaction Completed
Further to the TSX Venture Exchange bulletin dated Jan. 28, 2020, the final number of Sassy Resources Corp. shares that will be distributed per Crystal Lake Mining Corp. share pursuant to a spinout arrangement has been determined.
Pursuant to special resolutions passed by the shareholders of Crystal Lake on Sept. 30, 2019, and approval by the Supreme Court of British Columbia on Oct. 3, 2019, the company and Sassy Resources intend to complete a plan of arrangement. The arrangement is anticipated to be completed on Feb. 18, 2020, and will result in Crystal Lake transferring certain assets to Sassy consisting of:
- Crystal Lake’s interest in the Emerald Lake properties, which comprise the Iron property, Farm property, EL1 and EL5 properties, properties No. 1, No. 2, No. 3, No. 4, No. 5, No. 7 and No. 8, and Property 6, located in Dobie, Kingsford, Mather, Potts and Tait townships, in the Dogpaw Lake and Heronry Lake areas of Emo, Ont.;
- A binding letter of intent between Crystal Lake and Lorne Warren dated June 24, 2019, with respect to the option to acquire a 100-per-cent interest in the Foremore claims located in the Liard mining division in Northwestern British Columbia.
Pursuant to the arrangement, Crystal Lake shareholders will receive for every one share held 0.066708 of a Sassy share, which number is equal to ten million divided by the total number of issued and outstanding Crystal Lake shares as of the close of business on Feb. 10, 2020. The number of Crystal Lake shares held by each shareholder will not change as a result of the arrangement.
Distribution per share: 0.066708 Sassy share for every Crystal Lake 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 shares of Sassy 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