TORONTO, ONTARIO--(Marketwired - May 18, 2016) - Crystal Peak Minerals Inc. ("Crystal Peak") (TSX VENTURE:CPM)(CPMMF) is pleased to announce that, further to its press release dated May 2, 2016, it has entered into an agreement (the "Subscription Agreement") with EMR Capital Resources Fund 1, LP ("EMR") pursuant to which Crystal Peak will issue to EMR 12,620,331 common shares at a price of C$0.4243 per common share for gross proceeds of approximately C$5.35 million (the "Offering").
Crystal Peak intends to use the funds received from the Offering to continue work on its premium specialty fertilizer project on the Sevier Playa in southwestern Utah, U.S.A. including advancing work identified in its Preliminary Feasibility Study; efforts to complete its Feasibility Study; Environmental Impact Statement and other permitting; and for general working capital purposes.
The closing of the Offering is subject to certain customary closing conditions set out in the Subscription Agreement and will take place on the third business day following the satisfaction (or waiver, if applicable) of the closing conditions specified in the Subscription Agreement, or such other date as Crystal Peak and EMR may agree; but in any event no later than June 17, 2016. All of the securities issued pursuant to the Subscription Agreement will be subject to a four month and one day hold period from the date of issuance.
Following the closing of the Offering, EMR will increase its holdings in Crystal Peak to approximately 84.8 million shares representing approximately 43.8% of Crystal Peak's issued and outstanding common shares assuming the conversion of all 2,791,947 of the non-voting common shares of Crystal Peak on a partially diluted basis.
About Crystal Peak Minerals Inc.
Crystal Peak is focused on the production of premium specialty fertilizers and other beneficial minerals. Crystal Peak controls, directly or through agreement, mineral leases on more than 124,000 acres on its Sevier Playa Project. With a brine mineral resource known to contain potassium, lithium, magnesium, sulphate, and a suite of other associated minerals; Crystal Peak is targeting the production of specialty fertilizers including SOP through the use of a cost-effective solar evaporation process. SOP and other specialty fertilizers are used in the production of high value, chloride-sensitive crops such as fruits, vegetables, and tree nuts. Crystal Peak is currently engaged in engineering and analysis designed to support a feasibility study, environmental permitting, and ultimately mineral production.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.