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Re: News Release - Monday, September 21, 2009
Crowflight Announces Private Placement Financing
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CROWFLIGHT MINERALS INC. ("Crowflight" or the "Company") (TSX: CML)
announces today that it has entered into an agreement with Kingplace
Enterprises Limited ("Kingplace") for a Cdn$20 million private
placement financing, pursuant to which Kingplace has agreed to purchase
an aggregate of 80,000,000 common shares of the Company at a price of
$0.25 per share (the "Financing"). The pricing of the shares is at an
approximate 20% premium to the five day volume weighted average trading
price of the Company's shares on the TSX and at a 19% premium to the
closing price on Friday, September 18, 2009. The financing is expected
to close in two tranches, with the first tranche to close in
approximately one week and the second scheduled to close in October,
2009.
Kingplace is a private British Virgin Island company controlled by
Chinese businessman, Shaofeng Ge. Kingplace is seeking strategic
investments in mining opportunities. Kingplace approached the Company
through Hebei Wenfeng Iron and Steel Co., Ltd. ("Hebei Wenfeng"), a
significant Chinese steel producing company. Hebei Wenfeng initially
approached Crowflight to express its interest in potentially making
either an offer to acquire the outstanding shares of Crowflight or a
strategic investment in Crowflight. Following initial discussions, it
was determined that this strategic investment would be made by
Kingplace. Crowflight understands that, while Kingplace and Hebei
Wenfeng are not affiliated entities, they may act jointly or in concert
with each other from time to time in respect of investments, which may
in the future include further investments in Crowflight. The Crowflight
Board of Directors is reviewing its strategic alternatives.
The primary purpose of the proceeds from the Financing will be for the
continued development of the Bucko Lake Project and the balance for
general corporate purposes.
The Financing is subject to TSX approval.
Crowflight Minerals -- Canada's Newest Nickel Producer
Crowflight Minerals Inc. (TSX: CML) is a Canadian junior mining company
that is producing nickel at the Bucko Lake Nickel Mine near Wabowden,
Manitoba. Crowflight began commercial production at Bucko in the second
quarter of 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
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 closing of the financing on
the terms proposed; the stated use of proceeds; the Company's
development potential and timetable of the Company's properties,
including the Bucko Lake Project; the future price of nickel and other
minerals; the timing and amount of estimated future production; capital
expenditures; mining or processing issues; and environmental risks.
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. Estimates regarding the anticipated timing,
amount and cost of mining at the Bucko Lake Project are based on
assumptions underlying mineral reserve and mineral resource estimates
and the probability of realizing such estimates that are set out
herein. Production estimates are based on mine plans and production
schedules, which have been developed by the Company's personnel and
independent consultants. 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 risks
related to: unexpected events and delays during production;; timing and
availability of external financing on acceptable terms; changes in
project parameters as plans continue to be refined; future prices of
minerals, particularly nickel; failure of plant, equipment or processes
to operate as anticipated; accidents, labour disputes and other risks
of the mining industry. 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.
Further information is available on the Company's website at
www.crowflight.com or contact:
Mark Trevisiol
President and CEO
Crowflight Minerals
Tel: (416) 861-5893
Heather Colpitts
Manager, Investor and Public Relations
Crowflight Minerals
Tel: (416) 861-5803
info@crowflight.com
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Copyright (c) 2009 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 Mon Sep 21, 2009 at 6:45:01 AM Pacific Time
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VanEck Vectors Global Alternative Energy ETF
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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 1.2 millions as of today (US$ 863 092, € 770 828). Its stock quote reached its highest recent level on November 01, 1996 at 96.02, and its lowest recent point on February 04, 2016 at 0.03. Crowflight Mineral has 47 442 200 shares outstanding. |