|November 21, 2003|
Crowflight Minerals Inc. Increases Previously Announced Financing to Up to $4,500,000
|TORONTO, ONTARIO - CROWFLIGHT MINERALS INC. (TSX.V: CML) has increased the $3,250,000 "best efforts" financing offered by a syndicate of agents led by Pacific International Securities Inc. and including Loewen, Ondaatje, McCutcheon Limited and Research Capital Corporation announced on November 10, 2003 to up to $4,500,000. The additional $1,250,000 private placement will consist of 1,666,667 non-flow through units. Each non-flow-through unit will consist of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire one common share at a price of $1.00 for a period of one year from the closing date. The terms of the additional $1,250,000 financing are subject to approval from the TSX Venture Exchange. |
Proceeds from the offering will be used for exploration and working capital purposes. These offerings are subject to receipt of all necessary regulatory approvals. It is anticipated that closing of the offerings will occur on or about November 30, 2003.
Crowflight has agreed to pay a 7% commission to the agents, payable in cash or units at the option of the agents with agreement from Crowflight. Crowflight has also agreed to grant to the agents brokers warrants to acquire that number of flow-through units and non-flow through units that is equal to up to 7% of the number of flow-through units and non-flow through units, respectively, issued pursuant to the offerings, exercisable at a price of $0.80 per unit. The brokers warrants will be exercisable for a period of one year from the closing date.
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.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Crowflight Minerals Inc.
Keith C. Minty, P. Eng
President & CEO
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