Canada's Next Nickel Producer
Mining Exploration and Development - Thompson Nickel Belt, Sudbury Basin
Message: Announces Underwritten Private Placement Financing of CDN$7.8 Million
| April 15, 2009 |
| Crowflight Announces Underwritten Private Placement Financing of CDN$7.8 Million |
| TORONTO, ONTARIO--(Marketwire - April 15, 2009) - NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES CROWFLIGHT MINERALS INC. (Crowflight, the Company) (TSX:CML) is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by Macquarie Capital Markets Canada Ltd. and including Cormark Securities Inc. and TD Securities Inc. (collectively the "Underwriters"). Under the agreement, the Underwriters have agreed to purchase, on an underwritten private placement basis, 46,000,000 units (the "Units") of the Company at a price of Cdn$0.17 (the "Issue Price") for each Unit for total gross proceeds of Cdn$7,820,000. Each Unit will consist of one common share of Crowflight (a "Unit Share") and one-half of one common share purchase warrant (each full warrant, a "Warrant"), each full Warrant being exercisable to acquire one common share of Crowflight at a purchase price of Cdn$0.20 for a period of 24 months following the Closing Date. Closing of the offering is anticipated to occur on or about April 30, 2009 (the "Closing Date") and is subject to receipt of applicable regulatory approvals including approval of the TSX. The Unit Shares, the Warrants and the common shares issuable on the exercise of the Warrants are subject to resale restrictions for a period of four months plus one day from the Closing Date. The net proceeds of the financing will be used to fund the continued ramp up of the Bucko Lake Nickel Mine in the Thompson Nickel Belt, Manitoba and for general corporate and working capital purposes. |
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