By Laura Lutz
Des Moines, March 26 - Crowflight Minerals Inc. arranged a private placement of units and flow-through shares for C$20 million.
The company sold 12.5 million at C$0.80 per unit and 10 million flow-through shares at C$1.00 per share.
Each unit will consist of one share and one half-share warrant with each whole warrant exercisable at C$1.15 for one year.
Expiry of the warrants may be accelerated to 30 days if the volume weighted average price of the company's shares exceeds C$1.50 on each of 15 consecutive trading days.
The deal will be underwritten by a syndicate led by Orion Securities Inc. and including Canaccord Adams Inc., Sprott Securities Inc. and Pacific International Securities Inc.
Settlement is expected by April 12.
Proceeds will be used for exploration and development and for general corporate purposes.
Crowflight is a resource exploration company based in Toronto.
Issuer: | Crowflight Minerals Inc.
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Issue: | Units of one share and one half-share warrant; flow-through shares
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Amount: | C$20 million
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Underwriters: | Orion Securities Inc. (lead), Canaccord Adams Inc., Sprott Securities Inc., Pacific International Securities Inc.
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Pricing date: | March 26
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Stock symbol: | TSX Venture: CML
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Stock price: | C$0.83 at close March 26
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Units
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Units: | 12.5 million
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Price: | C$0.80
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Warrants: | One half-share warrant per unit
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Warrant expiration: | One year
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Warrant strike price: | C$1.15
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Flow-through shares
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Shares: | 10 million
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Price: | C$1.00
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Warrants: | No
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