Vancouver – Thursday, June 29, 2017 – CRYSTAL EXPLORATION INC. (the “Company” and “Crystal”) (TSXV: “CEI”) (OTCQB: “CYRTF”) is pleased to announce closing of a first tranche financing previously reported on June 12, 2017 for gross proceeds totaling $629,500. The Company issued 6,295,000 common share units at a price of $0.10 per unit. Each whole warrant entitles the holder to purchase one additional common share of the Company at an exercise price of $0.18 per share, expiring on June 28, 2019. In the event that the shares of the Company trade at a price greater than $0.25 per share for a period of 20 consecutive days, then the Company may deliver a notice to the warrant holders that they must exercise the warrants with the next 30 days, or the warrants will expire.
The proceeds from the financing will be used for working capital and to advance the Muskox, Contwoyto and Hood projects located in Nunavut, Canada.All securities issued will be subject to a four-month hold period expiring on October 29, 2017.
The Company has begun preparation for its drilling and exploration program on its gold and diamond projects. A start date and outline of the program is expected during Q3, 2017.
About Crystal Exploration Inc.
Crystal is a Canadian precious minerals (gold & diamonds) exploration company with 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.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ “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.