VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 21, 2016) - CRYSTAL EXPLORATION INC. (the "Company" and "Crystal") (TSX VENUTRE:CEI) closes the financing previously announced on December 2, 2016 for gross proceeds totaling $314,270. The Company issued 670,000 common share units at a price of $0.11 per unit for gross proceeds of $73,700 and 1,782,000 flow-through units at a price of $0.135 per share for gross proceeds of $240,570. Each whole warrant entitles the holder to purchase one additional common share of the Company at an exercise price of $0.15 per share for twelve months from the date of issue, expiring on December 19, 2017.
The proceeds from the flow-through common shares will be used to incur Canadian exploration expenses as defined by the Income Tax Act (Canada) by December 31, 2016. Expenditures will be used to advance the Muskox, Contwoyto and Hood diamond projects located in Nunavut, Canada.
All securities issued will be subject to a four-month hold period expiring on April 20, 2017.
In addition, the Company has granted incentive stock options to directors, officers and consultants to acquire an aggregate of 450,000 common shares at $0.145 per share for a period of five years. These incentive stock options have been granted in accordance with the Company's Stock Option Plan.
About Crystal Exploration Inc.
Crystal is a Canadian diamond 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
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.