Crowflight Finalizes $55 Million Debt Facility to Complete Bucko Lake Nickel Mine Development
23 Gennaio 2008 - 2:00PM
Marketwired
TORONTO, ONTARIO (TSX VENTURE: CML) is pleased to announce that
the offer for up to Cdn$55 million in debt finance from RMB
Resources Inc. (RMB) has been has been approved by FirstRand's
Underwriting Committee. RMB is arranging the finance as Agent for
FirstRand Ireland Plc, the Lender and underwriter of the debt
finance package. Closing is anticipated by the end of January.
The $55 million facility will be used to finance the remaining
construction and start-up of the Bucko Lake Nickel Mine near
Wabowden, Manitoba. RMB is a well-known arranger and provider of
mining project finance. FirstRand is one of South Africa's most
prominent financial institutions. Auramet Trading, LLC of Fort Lee,
New Jersey is advising Crowflight on this transaction.
Mike Hoffman, Crowflight's President and CEO commented:
"Finalizing this debt facility marks one of the milestones in our
development of the Bucko Lake Nickel Mine, as these funds provide
the financial security to bring Bucko into production by mid-2008.
We are pleased with the confidence RMB has demonstrated in our
project by offering us this debt facility."
Further details about the debt finance are available in the
Crowflight press release dated January 10, 2008.
Crowflight Minerals - Canada's Next Nickel Producer
Crowflight Minerals Inc. (TSX VENTURE: CML) is a Canadian junior
mining exploration and development company focused on nickel,
copper and Platinum Group Mineral ("PGM") projects in the Thompson
Nickel Belt and Sudbury Basin. The Company currently owns and/or
has under option approximately 800 square kilometres of exploration
and development properties in Manitoba and Ontario.
Crowflight's priority is to bring the Bucko Nickel deposit
located near Wabowden, Manitoba into production by mid-2008.
Cautionary Note on Forward-Looking Information
Except for statements of historical fact contained herein, the
information in this press release constitutes "forward-looking
information" within the meaning of Canadian securities law. Such
forward-looking information may be identified by words such as
"plans", "proposes", "estimates", "intends", "expects", "believes",
"may", "will" and include without limitation, statements regarding
approval and finalization of the debt facility, the benefits of the
facility, availability of financing, construction and permitting
timelines and costs of timing of production. There can be no
assurance that such statements will prove to be accurate; actual
results and future events could differ materially from such
statements. Factors that could cause actual results to differ
materially include, among others, metal prices, competition, risks
inherent in the mining industry, and regulatory risks. Most of
these factors are outside the control of the Company. Investors are
cautioned not to put undue reliance on forward-looking information.
Except as otherwise required by applicable securities statutes or
regulation, the Company expressly disclaims any intent or
obligation to update publicly forward-looking information, whether
as a result of new information, future events or otherwise.
TSX-V Trading Symbol: CML
Total Shares Outstanding: 249.7MM
Fully Diluted: 286.5MM
52-Week Trading Range: C$0.35 - $1.35
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Crowflight Minerals Mike Hoffman President and CEO
(416) 861-2964 Crowflight Minerals Heather Colpitts Manager,
Investor and Public Relations (416) 861-5803 Email:
info@crowflight.com Website: www.crowflight.com
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