|December 29, 2010|
Crowflight to Issue 58.4 Million Shares for Partial Debenture Conversion
|CROWFLIGHT MINERALS INC. ("Crowflight" or the "Company") (TSX: CML) today announced that King Place Enterprises Limited ("King Place"), the Company's controlling shareholder, advises that it has elected to convert $2,617,288 of its outstanding convertible debentures into 58,356,471 common shares of the Company, which represent the maximum conversion shares allowed before obtaining the approval of disinterested shareholders of the Company, at a price of $0.04485 per Share.|
After this conversion, King Place continues to hold $20,432,712 principal amount of convertible debentures which can be converted into common shares of the Company at a price equal to the five-day volume weighted average price at the time of the conversion less the maximum discount allowed under Toronto Stock Exchange regulations, subject to the Company obtaining approval
from disinterested shareholders for any further conversions.
King Place now owns a total of 305,386,442 common shares (or 47.6% of the Company's 641,988,262 issued and outstanding shares including the current issuance). King Place also holds a total of 50,588,235 warrants of the Company.
About Crowflight Minerals
Crowflight Minerals Inc. (TSX: CML) is a Canadian junior mining company that owns the Bucko Lake Nickel Mine near Wabowden, Manitoba. The Company also holds nickel, copper and Platinum Group Mineral (PGM) projects in the Thompson Nickel Belt and Sudbury Basin.
Further information is available on the Company's website at www.crowflight.com or
Chief Financial Officer and Corporate Secretary
Crowflight Minerals Inc.
P.O. Box 35 1655-999 West Hastings Street
Vancouver, British Columbia Canada V6C 2W2
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