Crystal Peak Minerals Enters $5.35 Million Subscription Agreement

Crystal Peak Minerals (TSXV:CPM) has entered a subscription agreement with EMR Capital Resources Fund for proceeds of roughly C$5.35 million.
As quoted in the press release:

Crystal Peak intends to use the funds received from the Offering to continue work on its premium specialty fertilizer project on the Sevier Playa in southwestern Utah, U.S.A. including advancing work identified in its Preliminary Feasibility Study; efforts to complete its Feasibility Study; Environmental Impact Statement and other permitting; and for general working capital purposes.
The closing of the Offering is subject to certain customary closing conditions set out in the Subscription Agreement and will take place on the third business day following the satisfaction (or waiver, if applicable) of the closing conditions specified in the Subscription Agreement, or such other date as Crystal Peak and EMR may agree; but in any event no later than June 17, 2016. All of the securities issued pursuant to the Subscription Agreement will be subject to a four month and one day hold period from the date of issuance.
Following the closing of the Offering, EMR will increase its holdings in Crystal Peak to approximately 84.8 million shares representing approximately 43.8% of Crystal Peak’s issued and outstanding common shares assuming the conversion of all 2,791,947 of the non-voting common shares of Crystal Peak on a partially diluted basis.

Click here for the full press release.