|December 17, 2008|
Crowflight Closes Underwritten Flow-Through Private Placement Financing of $4 Million
|CROWFLIGHT MINERALS INC. (the "Company") (TSX: CML) is pleased to announce that it has closed its previously announced private placement financing through the issuance of 23,615,000 flow-through common shares (the "FT Shares") at a price of $0.18 per FT Share for total gross proceeds to the Company of Cdn$4,250,700. |
The offering was completed by a syndicate of underwriters led by Macquarie Capital Markets Canada Ltd. and including Cormark Securities Inc. and TD Securities Inc. (collectively the "Underwriters").
The gross proceeds from the offering will be used for eligible Canadian exploration expenses on the Bucko Lake Nickel Project and other regional exploration that qualify as Canadian exploration expenses (as defined in the Income Tax Act, (Canada)) and will be renounced for the 2008 taxation year.
Crowflight Minerals -- Canada's Next Nickel Producer
Crowflight Minerals Inc. (TSX: CML) is a Canadian junior mining company that is bringing the Bucko Lake Nickel Mine near Wabowden, Manitoba into production. Full commercial production is expected to be achieved at Bucko in early 2009. The Company is also focused on nickel, copper and Platinum Group Mineral (PGM) projects in the Thompson Nickel Belt and Sudbury Basin.
Cautionary Note on Forward-Looking Information
Except for statements of historical fact contained herein, the information in this press release constitutes "forward-looking information" within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may", "will" and include without limitation, statements regarding the proposed use of the proceeds of the financing, the receipt of all necessary approvals and the development potential and timetable of the Bucko Lake Nickel project, capital expenditures; permitting time lines and permitting, government regulation of mining operations; and environmental risks. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, competition, risks inherent in the mining industry, and regulatory risks. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
The TSX does not accept responsibility for the adequacy or accuracy of this release.
Further information is available on the Company's website at www.crowflight.com or contact:
President und CEO
Tel: (416) 861-2964
Manager, Investor und Public Relations
Tel: (416) 861-5803
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