Chinese firm to bail out Crowflight

Nov 29, 2010 | 01:11 PM | Thorsten Schier

King Place Enterprises Ltd., a Chinese-owned investment firm, stands to increase its control of Canadian junior mining company Crowflight Minerals Inc. to between 60 and 80 percent as cash-strapped Crowflight tries to restart its mining operations at its Bucko Lake nickel mine near Manitoba, a source familiar with the matter said.

"(King Place) would be in clear majority control," the source told AMM.

Debt-ridden Crowflight announced Monday private placement financing for Canadian $10 million ($9.78 million) issued to King Place, which is registered in the British Virgin Islands. ....

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