Junior sulfate of potash producer Crystal Peak Minerals Inc., Toronto, said on May 2 that it has closed its previously announced non-brokered private placement with EMR Capital Resources Fund 1 LP (EMR) (GM April 26, p. 27). The company issued EMR 39,215,686 units of Crystal Peak at a price of C$0.17 per unit, for gross proceeds of approximately US$5 million.
Each unit is composed of one common share of Crystal Peak and one-half of one common share purchase warrant, for an aggregate of 39,215,686 common shares and 19,607,843 warrants. Each warrant entitles the holder to subscribe for one common share at a price of C$0.21 per common share until Nov. 2, 2020.
Crystal Peak intends to use the funds for expenses required to reach the construction phase of its Sevier Lake Project, and for other general working capital purposes.
EMR has increased its holdings in Crystal Peak to approximately 183.1 million common shares, representing approximately 63.1 percent of Crystal Peak’s issued and outstanding common shares.