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PIHL also announced today that it has nominated Jan Castro and Michael Barton to the board of directors of Crowflight.
After giving effect of the acquisitions referred to above, PIHL owns and controls a total of 116,079,971 Shares and 50,588,235 Warrants of Crowflight. As known by PIHL, PIHL owns and controls approximately (i) 27.07% of the issued and outstanding Shares of Crowflight on a non-diluted basis, and (ii) 34.76% of the issued and outstanding Shares of Crowflight on a partially diluted basis, with such percentage including the Warrants owned and controlled by PIHL.
The transactions referred to above took place by way of private placement and not through the facilities of any stock exchange or any other marketplace. The consideration for each Unit was CDN$0.25 per Unit.
PIHL has purchased these securities for investment purposes and may increase or decrease the investment in these securities depending upon future market conditions.
PIHL's address is 12 Castle Street, St. Helier, Jersey JE2 3RT. For further information please refer to the Early Warning Report posted on SEDAR or contact Jan Castro at 011 41 41 560 9070.
About Pala
Pala Investments Holdings Limited, based in Jersey, Channel Islands, is a US$1.0 billion multi-strategy investment company with a particular focus on mining and natural resource companies in both developed and emerging markets. Pala Investments' exclusive investment advisor, Pala Investments AG, is a Switzerland-based team with extensive experience within the mining and natural resource sectors. Pala Investments seeks to assist companies in which it has long-term shareholdings by providing strategic advice and innovative financing solutions. For more information, visit www.pala.com.
Certain statements in the press release are forward-looking statements and are prospective in nature, including statements with respect to Pala's future intentions regarding the securities of Crowflight that it owns. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Such forward-looking statements should therefore be construed in light of such factors, and Pala is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Pala Investments Holdings Limited
Jan Castro at 011 41 41 560 9070
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The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
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