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Re: News Release - Wednesday, December 31, 2008
Crowflight Amends Terms of Warrants in Connection with Debt
Facility Restructuring
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CROWFLIGHT MINERALS INC. (the "Company") (TSX: CML) is pleased to
announce that in connection with the debt facility restructuring
previously announced in a press release dated October 28, 2008,
Crowflight is repricing the 17,324,786 warrants issued to FirstRand
Ireland Plc ("FRI") to $0.2125 and is amending the terms of the
warrants so that they shall expire three years from the date of issue,
on or about January 16, 2012. The warrants shall be issued ten days
from the date of this press release, on or about January 16, 2009 (the
"Effective Date"). In addition, FRI shall be issued an additional
2,675,214 warrants exercisable to acquire one common share in the
Company at an exercise price equal to 125% of the 20 day VWAP for the
Company's shares as at the Effective Date. FRI is an arm's length
party to the Company.
Crowflight Minerals -- Canada's Next Nickel Producer
Crowflight Minerals Inc. (TSX: CML) is a Canadian junior mining company
that is bringing the Bucko Lake Nickel Mine near Wabowden, Manitoba
into production. Full commercial production is expected to be achieved
at Bucko in early 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 the
benefits and time-line of the debt restructuring, amendment and
issuance of warrants, expected production timeline, benefits of
development plans, the receipt of all necessary approvals and the
development potential and timetable of the Bucko Lake Nickel project,
capital expenditures; permitting time lines and permitting, government
regulation of mining operations; and environmental risks. 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.
The TSX does not accept responsibility for the adequacy or accuracy of
this release.
Further information is available on the Company's website at
www.crowflight.com or contact:
Mike Hoffman
President and CEO
Crowflight Minerals
Tel: (416) 861-2964
Heather Colpitts
Manager, Investor and Public Relations
Crowflight Minerals
Tel: (416) 861-5803
info@crowflight.com
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Copyright (c) 2008 CROWFLIGHT MINERALS INC. (CML) All rights reserved.
For more information visit our website at http://www.crowflight.com/
or send mailto:info@crowflight.com
Message sent on Wed Dec 31, 2008 at 10:52:56 AM Pacific Time
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Crowflight Mineral Inc.
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PRODUCER |
CODE : CML.TO |
ISIN : CA13758Y2015 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Crowflight Mineral is a nickel producing company based in Canada. Crowflight Mineral produces nickel, copper in Canada, and holds various exploration projects in Canada. Its main asset in production is BUCKO LAKE in Canada and its main exploration properties are AER/KIDD, PETER'S ROOST and TNB NORTH in Canada. Crowflight Mineral is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 938 000 as of today (US$ 682 583, € 609 615). Its stock quote reached its highest recent level on November 01, 1996 at CA$ 96.02, and its lowest recent point on February 04, 2016 at CA$ 0.03. Crowflight Mineral has 37 520 000 shares outstanding. |