CML Canickel Mining Limited

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

CROWFLIGHT MINERALS INC. (Crowflight, the Company) (TSX VENTURE:CML) is pleased
to announce that it has entered into an agreement with a syndicate of
underwriters led by Macquarie Capital Markets Canada Ltd. and including Cormark
Securities Inc. and TD Securities Inc. (collectively the "Underwriters"). Under
the agreement, the Underwriters will agree to find substitute purchasers or
purchase, on an underwritten private placement basis, 23,615,000 common shares
of the Company which qualify as flow-through shares for the purposes of the
Income Tax Act (Canada) (the "Flow-Through Shares") at a price of $0.18 (the
"Issue Price") for each Flow-Through Share for total gross proceeds from the
private placement of $4,250,700. Crowflight will grant the Underwriters an
option, to purchase up to an additional 15,278,000 Flow-Through Shares
($2,750,040), exercisable at the Issue Price at any time up to 24 hours prior to
the closing of the offering (the "Closing Date").


Commented Mike Hoffman, President and CEO of Crowflight, "The proceeds of the
flow-through financing will be used primarily for the continued development of
the main access ramp from surface to the 1,000 foot level which is expected to
connect in June of 2009. The main ramp will facilitate access to multiple mining
areas and allow operational flexibility for material and personnel transport. In
addition, the completion of the ramp offers the potential for future expansion
of the mine."


Closing of the offering is anticipated to occur on or about December 17, 2008
and is subject to receipt of applicable regulatory approvals including approval
of the TSX Venture Exchange, or such other stock exchange as the common shares
of the Company are then listed for trading at the relevant time(s). The
Flow-Through Shares are subject to resale restrictions for a period of four
months plus one day from the Closing Date.


The Underwriters will receive a commission of 6.0% of the gross proceeds raised
in the brokered private placement in cash. The Underwriters will also receive
compensation options (the "Compensation Options") equal to 6.0% of that number
of Flow-Through Shares issued in connection with the brokered private placement.
Each Compensation Option will entitle the Underwriters to purchase one non
flow-through common share of the Company at a price of $0.18 per share for a
period of 24 months following the Closing Date.


The proceeds received by the Company from the sale of the Flow-Through Shares
will be used to incur eligible Canadian exploration expenses on the Bucko Lake
Nickel Project and other regional exploration that qualify as Canadian
exploration expenses for purposes of the Income Tax Act (Canada) and which will
be renounced in favour of the holders with an effective date of no later than
December 31, 2008.


Crowflight Minerals - Canada's Next Nickel Producer

Crowflight Minerals Inc. (TSX VENTURE:CML) is a Canadian junior mining company
that is bringing the Bucko Lake Nickel Mine near Wabowden, Manitoba into
production. Full commercial production is expected to be achieved at Bucko in
early 2009. The Company is also focused on nickel, copper and Platinum Group
Mineral (PGM) projects in the Thompson Nickel Belt and Sudbury Basin.


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
estimated capital and operating costs, expected production timeline, benefits of
updated development plans, foreign exchange assumptions and regulatory
approvals. 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.


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

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.




TSX-V Trading Symbol:        CML
Total Shares Outstanding:    269.7MM
Fully Diluted:               327.7MM
52-Week Trading Range:       C$0.09 - $0.80

Canickel Mining (TSXV:CML)
Historical Stock Chart
Von Mai 2024 bis Jun 2024

Canickel Mining (TSXV:CML)
Historical Stock Chart
Von Jun 2023 bis Jun 2024