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Re: News Release - Wednesday, December 17, 2008
Crowflight Closes Underwritten Flow-Through Private Placement
Financing of $4 Million
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CROWFLIGHT MINERALS INC. (the "Company") (TSX: CML) is pleased to
announce that it has closed its previously announced private placement
financing through the issuance of 23,615,000 flow-through common shares
(the "FT Shares") at a price of $0.18 per FT Share for total gross
proceeds to the Company of Cdn$4,250,700.
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. (collectively the "Underwriters"). In
connection with the financing, the Underwriters received a commission
equal to 6% of the total gross proceeds and were issued an aggregate of
1,416,900 Compensation Options, each of which entitles them to purchase
one common share of the Company at a price of $0.18 per share for a
period of 24 months following the Closing, until December 17, 2010.
The gross proceeds from the offering will be used for eligible Canadian
exploration expenses on the Bucko Lake Nickel Project and other
regional exploration that qualify as 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: CML) is a Canadian junior mining company
that is bringing the Bucko Lake Nickel Mine near Wabowden, Manitoba
into production. Full commercial production is expected to be achieved
at Bucko in early 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 the
proposed use of the proceeds of the financing, the receipt of all
necessary approvals and the development potential and timetable of the
Bucko Lake Nickel project, capital expenditures; permitting time lines
and permitting, government regulation of mining operations; and
environmental risks. 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.
The TSX does not accept responsibility for the adequacy or accuracy of
this release.
Further information is available on the Company's website at
www.crowflight.com or contact:
Mike Hoffman
President und CEO
Crowflight Minerals
Tel: (416) 861-2964
Heather Colpitts
Manager, Investor und 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) 2008 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 Wed Dec 17, 2008 at 8:01:03 AM Pacific Time
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