Crowflight Arranged Debt Facility
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/30/11 -- CROWFLIGHT MINERALS INC. (TSX: CML) ('Crowflight' or the 'Company') announces that it has arranged one year term debt facility of up to US$5,000,000 (the 'Loan') with Hebei Wenfeng Industrial Group Limited ('Hebei Wenfeng'). The Loan may be drawn down in the option of the Company and bears interest rate at 10% per annum. The Company will also pay 2% of any funds drawn down under the Loan as structuring fee to Hebei Wenfeng. The proceeds from Loan will be used for general working capital.
Hebei Wenfeng, an insider of the Company, who, together with its affiliated entity, King Place Enterprises Limited, owns approximately 37.6% of the issued and outstanding shares of the Company. The Loan involves no equity or voting component and therefore is exempt from related party transaction requirements of Multilateral Instrument 61-101.
'On behalf of the Board, we appreciate the continued support from our largest shareholder,' Kevin Zhu, Interim CEO and Director of the Company commented. 'The debt facility is important to the Company at this time and will enable the Company to address potential issues during the restart of mine operation at Bucko Lake Mine.'
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