Agoracom: Small Cap Investment - Canickel Mining Limited CML

Canada's Next Nickel Producer

Mining Exploration and Development - Thompson Nickel Belt, Sudbury Basin

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Clavis

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Announces $5 Million Financing

posted on Apr 17, 2009 01:42PM

April 17, 2009

Crowflight Announces $5 Million Financing

TORONTO, ONTARIO--(Marketwire - April 17, 2009) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

CROWFLIGHT MINERALS INC. (the "Company") (TSX:CML) today announced it has entered into an agreement with Dumas Contracting Ltd. ("Dumas"), its contract mining company at the Bucko Lake Nickel Mine. Under the agreement, Dumas has agreed to purchase, on a non-brokered private placement basis, 29,411,765 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$5,000,000. 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.

The net proceeds of the financing will be used to settle accounts payable owed to Dumas for underground mining of the Bucko Lake Nickel Mine in the Thompson Nickel Belt, Manitoba to March 31, 2009.

This financing is subject to receipt of applicable regulatory approvals including approval of the Toronto Stock Exchange. 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.

Crowflight Minerals - Canada's Newest Nickel Producer

Crowflight Minerals Inc. (TSX:CML) is a debt-free Canadian junior mining company that is producing nickel at the Bucko Lake Nickel Mine near Wabowden, Manitoba. Crowflight expects to achieve full commercial production at Bucko early 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.

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