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Re: News Release - Tuesday, September 29, 2009
Crowflight Closes First Tranche of Kingplace Private Placement
Financing
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CROWFLIGHT MINERALS INC. ("Crowflight" or the "Company") (TSX: CML)
announces today that it has closed the first tranche of its previously
announced private placement financing with Kingplace Enterprises
Limited ("Kingplace") for gross proceeds of approximately
Cdn$11,183,305 million. Pursuant to the first tranche, Crowflight has
issued an aggregate of 44,733,221 common shares of the Company at a
price of $0.25 per share. 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. Closing of the
first tranche remains subject to regulatory approvals, including final
approval of the TSX.
The second tranche of the financing is expected to close in October,
2009 for further proceeds to the Company in the amount of approximately
$8,816,695.
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
though 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 continues to review its strategic alternatives.
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 declared 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 timing of the
second tranche closing; 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
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE
SERVICES
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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 Tue Sep 29, 2009 at 8:47:44 AM Pacific Time
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