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. ....





Latest Pricing Trends

Poll

Are you stocking more inventory today than 18 months ago?

Yes
No


View previous results