By Devika Patel
Knoxville, Tenn., July 26 - Crowflight Minerals Inc. said it changed a private placement that priced July 9 to a C$5 million placement of convertible promissory notes. The deal originally was a C$12 million offering of stock. King Place Enterprises Ltd. is the investor.
The notes may be converted into common stock at any time after Aug. 19 at a conversion price equal to the volume-weighted average price of the common shares of Crowflight on the five trading days preceding the receipt of the conversion notice, less a discount.
Proceeds will be used for capital expenditures at the Bucko Lake Mine and general corporate and working capital purposes.
Crowflight is a resource exploration company based in Toronto.
| Issuer: | Crowflight Minerals Inc.
|
| Issue: | Convertible promissory notes
|
| Amount: | C$5 million
|
| Warrants: | No
|
| Investor: | King Place Enterprises Ltd.
|
| Pricing date: | July 9
|
| Amended: | July 26
|
| Stock symbol: | Toronto: CML
|
| Stock price: | C$0.135 at close July 8
|
| Market capitalization: | C$78.76 million
|
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