|April 17, 2009|
Crowflight Announces $5 Million Financing
|CROWFLIGHT MINERALS INC. (the "Company") (TSX: CML) today announced it has entered into an agreement with Dumas Contracting Ltd. ("Dumas"), its contract mining company at the Bucko Lake Nickel Mine. Under the agreement, Dumas has agreed to purchase, on a non-brokered private placement basis, 29,411,765 units (the "Units") of the Company at a price of Cdn$0.17 (the "Issue Price") for each Unit for total gross proceeds of Cdn$5,000,000. Each Unit will consist of one common share of Crowflight (a "Unit Share") and one-half of one common share purchase warrant (each full warrant, a "Warrant"), each full Warrant being exercisable to acquire one common share of Crowflight at a purchase price of Cdn$0.20 for a period of 24 months following the Closing Date. |
The net proceeds of the financing will be used to settle accounts payable owed to Dumas for underground mining of the Bucko Lake Nickel Mine in the Thompson Nickel Belt, Manitoba to March 31, 2009.
This financing is subject to receipt of applicable regulatory approvals including approval of the Toronto Stock Exchange. The Unit Shares, the Warrants and the common shares issuable on the exercise of the Warrants are subject to resale restrictions for a period of four months plus one day from the Closing Date.
Crowflight Minerals -- Canada's Newest Nickel Producer
Crowflight Minerals Inc. (TSX: CML) is a debt-free Canadian junior mining company that is producing nickel at the Bucko Lake Nickel Mine near Wabowden, Manitoba. Crowflight expects to achieve full commercial production at Bucko early in the second quarter of 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
This press release contains forward-looking statements under Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the terms of the proposed financing; receipt of government approval ; and environmental risks. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Crowflight to be materially different from those expressed or implied by such forward-looking statements. Although management of Crowflight has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
Further information is available on the Company's website at www.crowflight.com or contact:
President and CEO
Tel: (416) 861-2964
Manager, Investor and Public Relations
Tel: (416) 861-5803
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