Company Profile
Crowflight Minerals Inc. is a junior mining exploration and development company with properties and activities in two of Canada's most prolific mining camps: the Thompson Nickel Belt (TNB) in Manitoba and the Sudbury Basin in Ontario. The Company is currently focused on construction of the Bucko Lake Nickel Mine, located near Wabowden, Manitoba, which is scheduled to begin production in mid-2008. In addition to the development of the Bucko Lake Nickel Mine, Crowflight owns or has under option an additional 800 square kilometres of advanced-stage exploration properties in Manitoba and Ontario.
Click here to view previous coverage of Crowflight Minerals (CML: TSX-V) from April 18, 2008
On May 12th, 2008 – the TSX Venture Exchange Daily Bulletin reported that the TSX Venture Exchange had accepted for filing documentation with respect to a Brokered Private Placement April 15, 2008 by Crowflight Minerals.
Details of the Private Placement
Number of shares: 8,000,000 flow-through shares and 8,065,000 common shares
Warrants: N/A
Number of Placees: 8 placees
Purchase Price: $0.75 per flow-through share and $0.62 per common share
Private Placement Participants
NCE Diversified Flow-Through (08) Limited Partnership for 3,300,000 shares
NCE Diversified Flow-Through (07) Limited Partnership for 3,865,000 shares
About NCE Diversified Flow-Through (08) Limited Partnership
The Partnership was created by the NCE Resources Group for the purpose of investing in flow-through shares of resource issuers engaged in oil and gas exploration, development and/or production or mineral exploration, development and/or production or, to a lesser extent and subject to certain limitations, resource issuers involved in renewable energy exploration and development which qualify for Canadian renewable and conservation expenses. The actual allocation of the Partnership's investment portfolio will be determined based on the investment opportunities available during the investment period. The Partnership will endeavour to invest all proceeds ($123,356,600) available for investment by December 31, 2008.
Since 1984, the NCE Resources Group has invested or managed the investment of more than $3.9 billion in the acquisition, development and exploration of resource properties and securities of resource issuers, and has entered into drilling, joint venture and other similar arrangements with oil and gas industry participants.
Sentry Select Capital Corp. is the investment advisor to the partnership and responsible for selecting potential investments and to provide advice on and manage the investment portfolio of the Partnership. Sentry Select is a Canadian wealth management company that manages approximately $8 billion in gross assets as of December 31, 2007.
Note: The NCE Diversified Flow-Through Limited Partnerships are managed by Kevin MacLean and Laura Lau. Kevin was the winner of a 2007 and 2008 Canadian Lipper Fund Award for the best risk-adjusted performance (over three years) in its category (i.e. resources and mining). Kevin specializes in precious metals and mining equities and was a top performer in the precious metals category in 2005, 2006 and 2007, according to Morningstar.
My Take: Kevin is arguably one of the best portfolio managers in the resource sector in Canada. The funds that he manages have consistently been among the top performing resource funds in Canada from the time of his appointment. I’m very surprised that he hasn’t yet stepped away from managing mutual funds to setting up his own hedge fund. However, until that time, I shall pay very close attention to Mr. MacLean’s investments and opinions.
Please visit http://www.sentryselect.com/ for more information about the NCE Diversified Flow-Through Limited Partnerships.
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