|April 30, 2009|
Crowflight Closes Private Placement Financings of Cdn$7.8 Million and Cdn$5 Million
|CROWFLIGHT MINERALS INC. (Crowflight, the Company) (TSX: CML) today announces that it has closed its previously announced private placement financing through the issuance of 46,000,000 units (the "Units") of the Company at a price of Cdn$0.17 (the "Issue Price") per Unit for total gross proceeds of Cdn$7,820,000. Each Unit consists of one common share of Crowflight 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 until April 30, 2011. |
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.
The net proceeds of the offering will be used to fund the continued ramp up of the Bucko Lake Nickel Mine in the Thompson Nickel Belt, Manitoba and for general corporate and working capital purposes.
In addition, Crowflight announces that it has closed its previously announced financing with Dumas Contracting Ltd. ("Dumas"), its contract mining company at the Bucko Lake Nickel Mine, through the issuance of 29,411,765 Units for total gross proceeds of Cdn$5,000,000. The net proceeds of this financing will be used to settle accounts payable owed to Dumas for underground mining of the Bucko Lake Nickel Mine.
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
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 estimated capital and operating costs, expected production timeline, benefits of updated development plans, foreign exchange assumptions and regulatory approvals. 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.
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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