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Western Exploration to “Go Public” by Reverse Take-Over of Crystal Peak Minerals

Concurrent Subscription Receipt Financing Up to CDN $20 Million

Reno, NV (February 19, 2021) –  Western Exploration LLC (“Western“), a portfolio company of Coral Reef Capital, is pleased to announce that it has entered into an arrangement agreement with Crystal Peak Minerals Inc. (“Crystal“) (TSXV: CPM.H) (OTC Pink: CPMMF) outlining the terms upon which Western will “go public” by way of a “reverse take-over” of Crystal (the “RTO“) under the policies of the TSX Venture Exchange. The Resulting Issuer is expected to change its name and stock exchange ticker symbol to “Western Exploration Inc.” and “WEX,” respectively.

As part of the RTO, Western has also entered into an engagement letter with Canaccord Genuity Corp., as lead agent on behalf of a syndicate, to sell on a “best efforts” private placement basis subscription receipts of Crystal for gross proceeds of up to CDN $20 million (the “Financing“).  Net proceeds from the Financing will primarily be used for the exploration and development of Western’s principal asset, the Aura Project, and general working capital purposes following completion of the RTO.  

Existing Western shareholders will own 98.79% of the shares of the Resulting Issuer after the RTO, prior to dilution from the Financing.

Darcy Marud, Chief Executive Officer of Western, stated: “We are excited for the opportunity to bring a new and exciting company and project to a broader investment audience. I’d like to thank the Western shareholders for their unwavering support in building the company to what it is today and thank Crystal Peak for sharing our vision of creating a new Nevada-based precious metals exploration and development company.”

About Western Exploration LLC

Western Exploration LLC is a private company engaged in the acquisition, exploration and development of precious metals mineral properties in Nevada since its inception in 1997. Its principal asset is the Aura gold silver project located in Elko County, Nevada approximately 120 kilometers north of the city of Elko, Nevada.  The company has an updated NI 43-101 compliant mineral resource estimate of approximately 1.6 million gold equivalent indicated and inferred ounces.

About Coral Reef Capital

Coral Reef Capital is a New York-based private investment firm that focuses on private equity investments in the energy, materials, metals & mining, and business & industrial services sectors. For more information, please visit

About Crystal Peak Minerals Inc.

Crystal is a public company organized under the laws of the Yukon Territory, whose shares are listed for trading on the NEX board of the Exchange. Crystal was previously engaged in the acquisition, exploration and development of a sulfate of potash project in the United States, but currently does not have an active business.

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