CROWFLIGHT ANNOUNCES BRIDGE LOAN AND AMENDS PRIVATE PLACEMENT FINANCING

(firmenpresse) -
CROWFLIGHT ANNOUNCES BRIDGE LOAN AND AMENDS PRIVATE PLACEMENT FINANCING

CROWFLIGHT MINERALS INC. (“Crowflight” or the “Company”) (TSX: CML) announces that it has amended the previously announced private placement financing (see press release of July 9, 2010) to a $5 million bridge loan from King Place Enterprises Limited (“King Place”) 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 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 holder may elect to convert the accumulated principal and interest, in any proportion or combination thereof, at any time after August 19, 2010, into common Shares of Crowflight, at a conversion price equal to the volume weighted average price of the common shares of Crowflight on the five trading days of the Toronto Stock Exchange preceding receipt of the notice of conversion; less permitted TSX discount.

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.

The loan and potential additional financing remains subject to the receipt of all regulatory approvals, including approval of the Toronto Stock Exchange.

About Crowflight Minerals

Crowflight Minerals Inc. (TSX: CML) is a Canadian junior mining company that owns the Bucko Lake Nickel Mine near Wabowden, Manitoba that recently resumed production. The Company also holds 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 ability of the Company to obtain required financing; proposed use of proceeds, the development potential and timetable of the Company’s properties, including the Bucko Lake Project; and the future price of nickel and other minerals. 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 those risks described in the Company’s annual information form that is available under its profile on SEDAR at www.sedar.com. 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.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Further information is available on the Company's website at www.crowflight.com or contact:

Mark Trevisiol
President & CEO
Crowflight Minerals
Tel: (416) 861-5893

Heather Colpitts
Manager, Investor and Public Relations
Crowflight Minerals
Tel: (416) 861-5803
info(at)crowflight.com

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

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Datum: 28.07.2010 - 07:47 Uhr
Sprache: Deutsch
News-ID 24475
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