Crowflight Minerals Inc.
TSX : CML

Crowflight Minerals Inc.

April 15, 2009 16:45 ET

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.

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.

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 estimated capital and operating costs, expected production timeline, benefits of updated development plans, foreign exchange assumptions and regulatory 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.



TSX Trading Symbol: CML
Total Shares Outstanding: 293.5MM
Fully Diluted: 334.1MM
52-Week Trading Range: C$0.09 - $0.80

THE TSX EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OF THIS RELEASE.

Contact Information

  • Crowflight Minerals
    Mike Hoffman
    President and CEO
    (416) 861-2964
    or
    Crowflight Minerals
    Heather Colpitts
    Manager, Investor and Public Relations
    (416) 861-5803
    info@crowflight.com
    www.crowflight.com