Crystal Lake Mining’s stock jumps on McEwen investment

Crystal Lake Mining’s (TSXV: CLM) stock was up over 14% by mid-day Friday, following news that it has closed C$1.43 million as the first tranche of a proposed C$1.5 million private placement.     

The British Columbia-based gold explorer said that McEwen Mining owner Rob McEwen has invested C$500,000 through his wholly owned company Evanachan Limited. 

“We are pleased to welcome Rob McEwen as a strategic new shareholder,” said Richard Savage, Crystal Lake President and CEO. Mr. McEwen has a very successful track record, having grown Goldcorp’s market capitalization from $50 million to over $8 billion dollars. He is a strong believer in the precious metal and commodity markets, and we are grateful to include him as a shareholder with us all.”  

Proceeds of the private placement will be used to advance the company’s Newmont Lake project, where a drill program continues in Northwest British Columbia’s prolific Eskay Camp, and for general working capital purposes. 

The deal is subject to TSX Venture Exchange approval. By Friday afternoon, Crystal Lake’s shares had been traded over 1.1 million times, four times the average daily volume of 285,840. The company has a C$26.7 million market capitalization.