Closes Private Placement Financings of Cdn$7.8 Million and Cdn$5 Million
posted on
Apr 30, 2009 01:53PM
Mining Exploration and Development - Thompson Nickel Belt, Sudbury Basin
News Release - Thursday, April 30, 2009
Crowflight Closes Private Placement Financings of Cdn$7.8 Million
and Cdn$5 Million
====================================...
CROWFLIGHT MINERALS INC. (Crowflight, the Company) (TSX: CML) today
announces that it has closed its previously announced private placement
financing through the issuance of 46,000,000 units (the "Units") of the
Company at a price of Cdn$0.17 (the "Issue Price") per Unit for total
gross proceeds of Cdn$7,820,000. Each Unit consists of one common share
of Crowflight 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
until April 30, 2011.
The offering was completed by a syndicate of underwriters led by
Macquarie Capital Markets Canada Ltd. and including Cormark Securities
Inc. and TD Securities Inc.
The net proceeds of the offering 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.
In addition, Crowflight announces that it has closed its previously
announced financing with Dumas Contracting Ltd. ("Dumas"), its contract
mining company at the Bucko Lake Nickel Mine, through the issuance of
29,411,765 Units for total gross proceeds of Cdn$5,000,000. The net
proceeds of this financing will be used to settle accounts payable owed
to Dumas for underground mining of the Bucko Lake Nickel Mine.
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.