Re: News Release - Friday, February 19, 2010
Crowflight Closes Private Placement Financing
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CROWFLIGHT MINERALS INC. ("Crowflight" or the "Company") (TSX: CML)
announces today that it has closed its previously announced private
placement financing for gross proceeds of approximately Cdn$11,552,000.
Crowflight has issued an aggregate of 72,200,000 common shares of the
Company at a price of Cdn$0.16 per share. The net proceeds of the
financing will be used to fund the continued ramp up of the Bucko Lake
mine in the Thompson Nickel Belt, Manitoba and for general corporate
and working capital purposes. Closing of the private placement remains
subject to regulatory approvals, including final approval of the TSX.
About Crowflight Minerals
Crowflight Minerals Inc. (TSX: CML) is a Canadian junior mining company
that owns the Bucko Lake Nickel Mine near Wabowden, Manitoba. 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 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. 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) 2010 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 Fri Feb 19, 2010 at 11:01:28 AM Pacific Time
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