VANCOUVER, BRITISH COLUMBIA, Jun 01, 2010 (MARKETWIRE via COMTEX) -- King Place announced today that it has signed an agreement to purchase in the next week, all 152,311,221 common shares and 50,588,235 share purchase warrants in the capital of TSX listed Crowflight Minerals Inc. owned by Pala Holdco (Lux) lll S.a.r.l., an affiliate of Pala Investments Holdings Ltd. The purchase is being conducted privately under an exemption from take-over bid requirements under applicable securities legislation. The purchase price for the securities is C$30.75 million and includes a covenant to augment the purchase price by an agreed percentage of any higher price should King Place sell the securities to a non-affiliate within a one-year period or offer to acquire the remaining shares of Crowflight. King Place has acquired these securities for investment purposes but will likely seek board representation in due course. When completed, this acquisition will, when added to treasury purchases by King Place in previous private, bring the aggregate security holdings of King Place in Crowflight to 247,029,971 shares (42.3% of 583,493,054 currently issued shares) plus 50,588,235 warrants. If the warrants were to be exercised, King Place would own 297.6 million shares or 41.5 % of the 717,122,198 fully diluted Crowflight share capital.
An English translation of the comments of Mr Shaofeng Ge, President of King Place is that, "This increased investment represents our confidence in the management of Crowflight, its underlying assets and in the future of nickel mining in Canada. We hope to be a constructive technical and financial resource for Crowflight going forward."
Contact for King Place is c/o counsel, Ms. Sandy Wang at 604 691 6845.
No regulatory authority has passed on the merits or is in any way responsible for the contents of this news release.
Contacts:King Place Enterprises LimitedMs. Sandy Wang604 691 6845