Crystal Exploration Inc.: Private Placement Close

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 12, 2016) - CRYSTAL EXPLORATION INC. (the "Company" and "Crystal") (TSX VENTURE:CEI) closes the financing previously announced on July 6, 2016 for gross proceeds totaling $863,410. The Company issued 6,609,639 common share units at a price of $0.11 per unit for gross proceeds of $727,060 and 1,010,000 flow-through units at a price of $0.135 per share for gross proceeds of $136,350.

The proceeds from the flow-through common shares will be used to incur Canadian exploration expenses as defined by the Income Tax Act (Canada) by December 31, 2016. Expenditures will be used to advance the Muskox, Contwoyto and Hood diamond projects located in Nunavut, Canada.

All securities issued will be subject to a four-month hold period and finder's fees payable in accordance with the policies of the TSX-V.

About Crystal Exploration Inc.

Crystal is a Canadian diamond exploration company with Common shares listed for trading on the TSX Venture Exchange. Crystal is backed by proven and seasoned resource sector professionals who have a track record of advancing exploration projects from grassroots through to production scenarios.

ON BEHALF OF THE BOARD OF DIRECTORS

Jim Greig, President and Chief Executive Officer

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.