Pala Investment Increases Stake in Crowflight

26 July 2009 (Last Updated July 26th, 2009 18:30)

Pala Investment Holdings has acquired an additional C$15m interest in Canadian junior miner Crowflight Minerals, increasing its total stake in the company by almost 14% to 27.07% on a non-diluted basis. Under the private placement, resource investment company Pala has acquired 60 millio

Pala Investment Holdings has acquired an additional C$15m interest in Canadian junior miner Crowflight Minerals, increasing its total stake in the company by almost 14% to 27.07% on a non-diluted basis.

Under the private placement, resource investment company Pala has acquired 60 million shares, at C$0.25, and 30 million warrants.

As part of the terms of the deal, two members of Crowflight’s board of directors have resigned and Pala has nominated two replacements.

Crowflight said the net proceeds from the deal would be used to pay its debts and upgrade Bucko nickel operations near Wabowden in the Canadian state of Manitoba.