Crowflight Completes Note Conversion
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/05/11 -- CROWFLIGHT MINERALS INC. ('Crowflight' or the 'Company') (TSX: CML) - Further to Crowflight's news release of March 28, 2011, it has now received majority disinterested shareholders' written consent and is issuing 258,819,703 common shares of the Company to King Place Enterprises Limited ('King Place') to retire the remaining convertible debentures and accrued interest of $11,310,421 the Company owed to King Place. Pursuant to the terms of the Convertible Debentures Notes, the conversion price is $0.0437 per share, which is the price equal to the volume weighted average price of the Company shares on the five trading days (from March 15 to March 21, 2011) less the permitted discount of 25%.
Upon completion of this conversion, the Company will return to a debt free financial condition, and King Place, together with Hebei Wenfeng Industrial Group Limited, an affiliated entity of King Place, will 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 will remain the controlling shareholder of the Company.
About Crowflight Minerals Inc.
Crowflight Minerals Inc. (TSX: CML) is a Canadian junior mining company that owns and operates 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.
Contacts:
Crowflight Minerals Inc.
Derek Liu
CFO and Corporate Secretary
778-372-1806
604-254-8863 (FAX)
www.crowflight.com