|March 07, 2011|
Crowflight Receives $30 Million Financing Proceeds
|Vancouver, British Columbia -- March 7, 2011 -- CROWFLIGHT MINERALS INC. ("Crowflight" or the "Company") (TSX: CML) is pleased to announce that it has now received $30 million of private placement proceeds from the financing that was announced on January 27, 2011. The Company has signed subscriptions for 600 million Units at a subscription price of $0.05. Each Unit consists of one common share and one half of one share purchase warrant ("Warrants") and each whole Warrant entitles the holder to acquire one additional common share for a period of two years at a price of $0.10. No investor in the financing will hold more than 10% of the Company's 1.24 billion shares on closing. Completion of the financing is subject to the final approval of Toronto Stock Exchange. |
A finder's fee of 10% of the gross proceeds placed is payable to an arm's length party, and the net proceeds is expected to be used to bring all accounts payable currents, retire portion of convertible debenture, and to acquire necessary mining equipment to resume the mine operation at Bucko Lake Mine and for its general working capital.
"We are very pleased to complete this financing and see the recapitalization of Crowflight," commented by Kevin Zhu, Director and Interim CEO of the Company. "With the proceeds from this financing, the Company will rebuild the confidence with its suppliers and contractors and acquire all necessary equipment to resume the mine operation at Bucko Lake Mine. Currently, the Company is in the final stage of finalizing its 2011 mining plan and preparing for the resumption of the mining activities at Buck Lake Mine."
About Crowflight Minerals Inc.
Crowflight Minerals Inc. (TSX: CML) is a Canadian junior mining company that owns and operates 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 contact:
CFO and Corporate Secretary
Crowflight Minerals Inc.
P.O. Box 35 1655-999 West Hastings Street Vancouver, British Columbia Canada V6C 2W2
Tel: 778-372-1806 Fax: 604-254-8863
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 use of the proceeds, the timing to release the 2011 business plan, and the ability to rebuild the confidence level with its suppliers and contractors. 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 the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks of the Company described in its annual information form that is available under its profile on SEDAR at www.sedar.com. Although management of the Company 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.
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