TORONTO (miningweekly.com) - TSX-listed Crowflight Minerals has entered into an agreement with a syndicate of underwriters which will buy shares and warrants on an underwritten private placement basis.

The syndicate, led by Macquarie Capital Markets, will buy 46-million units, each comprising one Crowflight share and half of a share-purchase warrant, for C$0,17 apiece, or a total of C$7,82-million.

Shares in the company closed at C$0,24 apiece in Toronto on Wednesday.

Crowflight plans to use the money to fund the ongoing ramp up of its Bucko Lake nickel mine, in Manitoba, and "for general corporate and working capital purposes".

The Bucko operation is expected to achieve full commercial production by mid-year.

Crowflight said in February it expected to produce 9,1-million pounds of payable nickel this year, at an average cash operating cost of $3,61/lb, from 362 000 t.

The offering will close on or about April 30, and is subject to the usual regulatory approvals.

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