TORONTO, CANADA, November 19, 2020 – Crown Mining Corp., (“Crown” or the “Company”) (TSX Venture: CWM) is pleased to announce that it has completed a non-brokered private placement previously announced on October 16, 2020 (the “Private Placement”) for aggregate gross proceeds of $1,500,000. The Private Placement involves the issuance of 30,000,000 units (“Units”) at a price of $0.05 per Unit. Each Unit consists of one common share in the capital stock the Company (a “Common Share”) and one warrant. Each warrant will entitle the holder to purchase one Common Share for $0.10 at any time within 3 years after closing. All securities issued pursuant to this Private Placement will be subject to a four-month hold period. As part of the Private Placement, the Company paid Finders’ fees of $34,000.
Insiders of the Company acquired directly and indirectly a total of $50,000 worth of Units or 1,000,000 Units in the Private Placement on the same basis as other participants. The direct and indirect participation in the Private Placement by an insider of the Company constitutes a “related party transaction” as such term is defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on the exemptions from the formal valuation (section 5.5(b)) and minority approval requirements (section 5.7(1)(b)) under MI 61-101.
A material change report in connection with the Private Placements will be filed less than 21 days before the closing of the Private Placement. The Company believes this shorter period is reasonable and necessary in the circumstances as the Company wished to complete the Private Placements in a timely manner.
The Company is continuing to design a drill program to test its high priority targets as outlined in its August 11, 2020 press release and intends to use the proceeds of the Private Placement towards completing this drill program in the first half of 2021 and for general working capital purposes.
About Crown Mining Corp.
Crown controls approximately 15 square miles of patented and unpatented federal mining claims in the Light’s Creek Copper District in Plumas County, NE California; essentially, the entire District. The District contains substantial copper (silver) sulfide and copper oxide resources in three deposits – Moonlight, Superior and Engels, as well as several partially tested and untested exploration targets.
The Superior and Engels Mines operated from about 1915-1930 producing over 161 million pounds of copper from over 4 million tons of rock containing 2.2% copper with silver and gold credits.
The Moonlight Deposit was discovered and drilled by Placer Amex during the 1960’s. Details of the resources on Crown’s property and the parameters used to calculate them can be found in the “Technical Report and Preliminary Economic Assessment for the Moonlight Deposit, MoonlightSuperior Copper Project, California, USA” dated April 12, 2018 on both the company’s website at www.crownminingcorp.com or on www.sedar.com under the Crown Mining Corp profile.
Mr. George Cole is the Qualified Person pursuant to NI 43-101 responsible for the technical information contained in this news release, and he has reviewed and approved this news release.
For further information contact:
President, CEO and Director
T (416) 361-2827