On June 29, 2017, Crystal Peak Minerals Inc. completed a US$12,000,000 financing with EMR Capital Investment (No. 5B) Pte. Ltd., an affiliate of EMR Capital Resources Fund 1, LP, its largest shareholder. The principal amount of the loan, in whole or in part, is convertible into common shares of Crystal Peak at the option of the holder, at a price per common share of C$0.55.
Crystal Peak intends to use the funds received from the loan to fund the continuing development program for its specialty fertilizer project on the Sevier Playa in southwestern Utah, U.S.A. and for general working capital purposes.
Cassels Brock acted for Crystal Peak with a deal team that included Paul Stein, Alexander Pizale and Greg Hogan (Securities), and Peter Sullivan and Carla Potter (Financial Services).