Crowflight Announces Bridge Loan and Amends Private Placement Financing

- July 28th, 2010

CROWFLIGHT MINERALS INC. (TSE:CML) announced that it has amended the previously announced private placement financing to a $5 million bridge loan from King Place Enterprises Limited with the potential for a further financing of $5 million to be arranged by King Place on a commercially reasonable efforts, private placement basis.

CROWFLIGHT MINERALS INC. (TSX:CML) announced that it has amended the previously announced private placement financing to a $5 million bridge loan from King Place Enterprises Limited with the potential for a further financing of $5 million to be arranged by King Place on a commercially reasonable efforts, private placement basis.

The press release is quoted as saying:

The loan will be in the form of a $5,000,000 principal amount convertible promissory note (the “Note”) to be issued by Crowflight to King Place. The potential additional $5 million financing would result from the sale on a private placement basis, of a further 35,714,285 common shares of the Company as arranged by King Place, at a price of $0.14, within 35 days following the date hereof, subject to the receipt of regulatory approval. The proceeds from the loan will be used for capital expenditures at the Bucko Lake Mine and general corporate and working capital purposes.

Click here to access the entire press release

Click here to access CROWFLIGHT MINERALS INC. Corporate Site

Leave a Reply