|December 01, 2003|
Crowflight Closes Financings for $4 Million
|TORONTO, ONTARIO - CROWFLIGHT MINERALS INC. (TSX Venture Exchange: CML) announced today that it has closed its previously announced private placement of 2,361,660 flow through units at a price of $0.75 for gross proceeds of $1,771,245. Each flow through unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one common share at the price of $1.25 for a period of one year. In addition, Crowflight completed its offering of 2,973,335 non-flow through units at a price of $0.75 per share for gross proceeds of $2,230,000. Each non-flow through units consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one common share at a price of $1.00 for a period of one year. |
Proceeds from the offering will be used for exploration and working capital purposes.
Pacific International Securities Inc., Loewen, Ondaatje, McCutcheon Limited and Research Capital Corporation acted as agents for the Company. Crowflight granted to the agents compensation warrants to acquire 139,125 flow through units and 118,066 non-flow through units, exercisable at $0.80 per underlying unit. The compensation warrants will be exercisable for a period of one year. Additional compensation warrants were issued to other members of the selling group. Each of the flow through units, flow through shares, non-flow through units, common shares and compensation warrants are subject to a four month hold period.
Crowflight Minerals is a Canadian junior mining exploration company listed on the TSX Venture Exchange. Crowflight is currently focused on two properties located in the Sudbury Basin: the AER-Kidd property is located on the Worthington Offset nearby Inco's Totten &McIntyre mines and FNX Mining's Victoria project. The Airport property is located on the south-east rim of the Basin about 1.2 km east of Falconbridge's past producer, Norduna Mines and 4 km south-east of Falconbridge's recent (Nickel Rim South) hi-grade Cu-Ni-Co-PGM discovery near to the their past producer, Nickel Rim Mine.
Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward-looking statements".
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Crowflight Minerals Inc.
Keith C. Minty, P. Eng
President & CEO
(416) 861-8165 (FAX)
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