|June 21, 2006|
Crowflight Closes Private Placement Financing
|CROWFLIGHT MINERALS INC. (TSX Venture Exchange: CML) is pleased to announce that it has closed a private placement financing through the issuance of 17,361,000 flow-through common shares ("FT Shares") at $0.30 per FT Share for total gross proceeds to the Company of $5,208,300. |
Orion Securities Inc. led a syndicate of agents that included MGI Securities Inc. and Raymond James Ltd. in connection with the flow-through share financing and received a commission in an amount equivalent to 6% of the total gross proceeds. Additionally, Orion Securities Inc. was issued 520,830 broker warrants, MGI Securities Inc. was issued 260,415 broker warrants, and Raymond James Inc. was issued 260,415 broker warrants (collectively, the "Broker Warrants') which are exercisable into common shares of the Corporation (the "Broker Shares") at a price of $0.30 per Broker Share at any time up until December 21, 2007. All of the FT shares and Broker Shares are subject to a hold period that will expire on October 22, 2006.
The gross proceeds from the offering will be used for exploration and development of the Bucko Nickel project and to fund follow-up drilling on the two recently announced new nickel discoveries located within three kilometres of the Bucko Deposit, in the Thompson Nickel Belt, Manitoba.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Crowflight - The Base Metal Builder
Crowflight Minerals Inc. is a Canadian junior mining exploration and development company listed on the TSX Venture Exchange. The company is focused on nickel, copper and Platinum Group Mineral ("PGM") projects in the Thompson Nickel Belt ("TNB") and Sudbury Basin. The company currently owns and/or has under option approximately 600 square kilometres of exploration and development properties in Manitoba and Ontario.
In Manitoba, these properties include: (1) the Bucko Nickel Deposit; (2) an earn-in option with Falconbridge Limited on five highly prospective properties (Bucko/Bowden, Resting Lake, Rock Island Lake, Halfway Lake and Gonlin Lake) on the TNB South Project located within 30 kilometres of the Bucko Deposit; and (3) six additional properties (Burntwood River, Birchtree South, Birchtree North, Airport, Moak Lake and Strong Lake) located 100 kilometres to the north on the TNB North Project.
In the Sudbury Basin, these properties include: (1) the 100% owned AER Kidd Project adjacent to Inco's Totten Deposit (10.1 million tonnes @ 1.5% Nickel, 2% Cu, 4.8 g/t PGM's); (2) the 100% owned Peter's Roost Property; and (3) the Airport Property (a 50/50 joint venture with Millstream Mines Ltd.) located 4 km south, and on-strike, with Falconbridge's Nickel Rim South Deposit (13.2 million tonnes @ 3.5% Cu, 1.7% nickel, 0.8 g/t Au, 4.1 g/t PGM's).
Further information is available on the Company's web site at www.crowflight.com.
Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward-looking statements. The Company cautions investors that the projections for increases to the Indicated Resources are based on Inferred Resources. There is no certainty that these projections will be added to the Indicated Resources or that they will be economically viable.
For further information please contact:
Thomas Atkins, President and CEO
Bruce Korhonen, Investor Relations
Ascenta Capital Partners Inc.
Tel: 604-684-4743 ext. 230
You can view the Next News Release item: Wed Jun 28, 2006, Crowflight Signs Option Agreement with Wallbridge on Peter's Roost Property in the Sudbury Basin
You can view the Previous News Release item: Mon Jun 12, 2006, Crowflight Announces Private Placement Financing of up to $6 Million
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