Crowflight Announces Bought Private Placement Financing of $11 Million

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

CROWFLIGHT MINERALS INC. (Crowflight, the Company) (TSX VENTURE: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 Versant
Partners Inc. (collectively the "Underwriters"). Under the agreement, the
Underwriters will purchase Cdn$11,000,300 of common shares and flow-through
shares on a bought deal private placement basis.


The private placement will be for the issuance of 8,065,000 common shares (the
"Common Shares") of the Company at a price of $0.62 per Common Share (the
"Common Share Issue Price") and 8,000,000 common shares of the Company which
qualify as flow-through shares for the purposes of the Income Tax Act (Canada)
(the "Flow-Through Shares") at a price of $0.75 for each Flow-Through Share for
total gross proceeds of $11,000,300.


Mike Hoffman, Crowflight's President and CEO, commented on the financing
stating: "While the $55 million debt facility we completed earlier this year
will cover our remaining budget for the development of the Bucko Lake Nickel
Project, the funds raised through this private placement will allow us the
flexibility to advance the study of future expansion opportunities at Bucko and
to continue to explore our extensive land position in the Thompson Nickel Belt."


Closing of the offering is anticipated to occur on or before April 30, 2008 and
is subject to receipt of applicable regulatory approvals including approval of
the TSX Venture Exchange. The Common Shares and Flow-Through Shares are subject
to resale restrictions for a period of four months plus one day from the Closing
Date.


The Underwriters will receive a commission of 6.0% of the gross proceeds raised
in the brokered private placement in cash. The Underwriters will also receive
compensation options (the "Compensation Options") equal to 6.0% of that number
of Common Shares and Flow-Through Shares issued in connection with the brokered
private placement. Each Compensation Option will entitle the Underwriters to
purchase one Common Share of the Company at the Common Share Issue Price for a
period of 24 months following the closing date.


The gross proceeds from the sale of the Common Shares 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 Flow-Through 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 VENTURE: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 Information

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
completion and terms of the financing, proposed use of proceeds, and receipt of
all necessary approvals. 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.


This news release does not constitute an offer to sell or a solicitation of an
offer to sell any of the securities in the United States. The securities have
not been and will not be registered under the United States Securities Act of
1933, as amended (the "U.S. Securities Act") or any state securities laws and
may not be offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state securities laws or
an exemption from such registration is available.


Total Shares Outstanding: 251.0MM

Fully Diluted: 290.0MM

52-Week Trading Range: C$0.45 - $1.35
Canickel Mining (TSXV:CML)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024