Crystal Lake Mining (TSXV: CLM; US-OTC: SIOCF) has completed the first tranche of a $1.5-million private placement, raising $1.4 million through issuing 4.8 million units at 30 ? apiece.
Rob McEwen, chairman and chief owner of McEwen Mining (TSX: MUX; NYSE: MUX), bought 1.67 million units for $500,000 through his wholly-owned company, Evanachan. McEwen is also the founder, former chairman and CEO of Goldcorp, which was acquired by Newmont.
Richard Savage, president and CEO of Crystal Lake, welcomed McEwen as the company's strategic new shareholder.
Each unit in the private placement consists of one common share and one-half of a common share purchase warrant that entitles the holder to buy one Crystal Lake share at 35 ? apiece within 24 months.
The remaining units were taken up by insiders. Chief operating officer and director, Wally Boguski, acquired 30,000 units and the vice president of exploration, Maurizio Napoli, acquired 46,667 units.
Proceeds from the private placement will be used to fund Crystal Lake's Newmont Lake project and for general working capital purposes. Crystal Lake has an option to earn a 100% interest in the Newmont Lake project, which has the largest land package among juniors in the broader Eskay region in northwest British Columbia's Golden Triangle.