VANCOUVER, Dec. 29 /CNW/ - CROWFLIGHT MINERALS INC. ("Crowflight" or the "Company") (TSX: CML) today announced that King Place Enterprises Limited ("King
Place"), the Company's controlling shareholder, advises that it has
elected to convert $2,617,288 of its outstanding convertible debentures into 58,356,471 common shares
of the Company, which represent the maximum conversion shares allowed
before obtaining the approval of disinterested shareholders of the
Company, at a price of $0.04485 per Share.
After this conversion, King Place continues to hold $20,432,712
principal amount of convertible debentures which can be converted into
common shares of the Company at a price equal to the five-day volume
weighted average price at the time of the conversion less the maximum
discount allowed under Toronto Stock Exchange regulations, subject to
the Company obtaining approval from disinterested shareholders for any
King Place now owns a total of 305,386,442 common shares (or 47.6% of
the Company's 641,988,262 issued and outstanding shares including the
current issuance). King Place also holds a total of 50,588,235 warrants
of the Company.
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 also holds nickel, copper and Platinum Group Mineral (PGM)
projects in the Thompson Nickel Belt and Sudbury Basin.
SOURCE CROWFLIGHT MINERALS INC.
For further information: For further information:
Further information is available on the Company's website atwww.crowflight.comor contact:
|Derek Liu || |
|CFO and Corporate Secretary || |
|Crowflight Minerals Inc.|
P.O. Box 35 1655-999 West Hastings Street
Vancouver, British Columbia Canada V6C 2W2