Crowflight Minerals Inc.: King Place Transferred 103.5 Million Share
posted on
Feb 22, 2011 10:13AM
Mining Exploration and Development - Thompson Nickel Belt, Sudbury Basin
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 22, 2011) -
CROWFLIGHT MINERALS INC. ("Crowflight" or the "Company") (TSX:CML) today announced that the Company has received a notice from King Place Enterprises Limited ("King Place") that King Place has transferred 103,500,000 common shares of the Company to Hebei Wenfeng Industrial Group Limited ("Hebei Wenfeng"), a significant Chinese steel producing company.
After this transfer, Hebei Wenfeng becomes the second largest shareholders of the Company and holds 16.1% of the Company's 641,988,262 current issued and outstanding shares. King Place continues to hold 201,886,442 common shares of the Company (or 31.4% of the Company current issued and outstanding shares). King Place also holds a total of 50,588,235 warrants of the Company.
It is the Company's understanding that King Place and Hebei Wenfeng are affiliated entities, and they may act jointly or in concert with each other from time to time in respect of investments and decision making in any events that the Company seeks approval from shareholders. Therefore, the Crowflight Board of Directors does not expect that the above transfer will have actual impact on the decision making process of the Company.
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.
Further information is available on the Company's website at >www.sedar.com. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
FOR FURTHER INFORMATION PLEASE CONTACT: Derek Liu
Crowflight Minerals Inc.
CFO and Corporate Secretary
778-372-1806
604-254-8863 (FAX)