Crowflight to Settle $11.3 Milion Debt for 258.8 Million Shares

Crowflight Minerals, Inc. (TSX:CML) reports that it has elected to convert all of its remaining convertible debentures and accrued interest to date in the amount of $11,310,421 into 258,819,703 common shares.

The press release is quoted as saying,

Currently, King Place, together with Hebei Wenfeng, an affiliated entity of King Place, holds 362,319,703 common shares, representing 29.1% of the current issued and outstanding shares of the Company. After the conversion, King Place would hold 460,816,145 shares of the Company, and together with Hebei Wenfeng, King Place would hold or control 564,316,145 shares, or 37.6% of the 1.5 billion shares then issued and outstanding of the Company. There is no material affect on control as King Place is currently the controlling shareholder of the Company.

For the complete press release, click here.