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Re: News Release - Wednesday, April 30, 2008
Crowflight Closes Bought Deal Private Placement Financing of $11
Million
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CROWFLIGHT MINERALS INC. (Crowflight, the Company) (TSX Venture
Exchange: CML) is pleased to announce that it has closed its previously
announced private placement financing through the issuance of 8,065,000
common shares (the "Common Shares") at a price of $0.62 per Common
Share and 8,000,000 flow-through common shares (the "FT Shares") at a
price of $0.75 per FT Share for total gross proceeds to the Company of
Cdn$11,000,300.
The offering was completed by a syndicate of underwriters led by
Macquarie Capital Markets Canada Ltd. and including Versant Partners
Inc. (collectively the "Underwriters"). In connection with the
financing the Underwriters received a commission equal to 6% of the
total gross proceeds and were issued an aggregate of 963,900
Compensation Options, each of which entitles them to purchase one
common share of the Company at a price of $0.62 per share until April
30, 2010.
The Common Shares, FT Shares and Compensation Options are subject to a
hold period that will expire on August 31, 2008. The offering remains
subject to the final approval of the TSX Venture Exchange.
The gross proceeds from the offering will be used for working capital,
projects in the Thompson Nickel Belt and for general corporate
purposes. The gross proceeds from the sale of the FT Shares will be
used for general exploration expenditures, which will constitute
Canadian exploration expenses (as defined in the Income Tax Act,
Canada) and will be renounced for the 2008 taxation year.
Crowflight Minerals - Canada's Next Nickel Producer
Crowflight Minerals Inc. (TSX-V: CML) is a Canadian junior mining
exploration and development company focused on nickel, copper and
Platinum Group Mineral (PGM) projects in the Thompson Nickel Belt and
Sudbury Basin. The Company currently owns and/or has under option
approximately 800 square kilometres of exploration and development
properties in Manitoba and Ontario.
Crowflight's priority is to bring the fully-funded Bucko Lake Nickel
Project located near Wabowden, Manitoba into production by the third
quarter of 2008.
Cautionary Note on Forward-Looking Statements
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
proposed use of the proceeds of the financing, 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 Venture Exchange 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 Apr 30, 2008 at 1:39:01 PM Pacific Time
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