Crosshair Exploration & Mining Corp.: Revised Pricing for the Previously Announced C$15 Million Bought Deal Financing
21 March 2008 - 10:11AM
Marketwired
VANCOUVER, BRITISH COLUMBIA (AMEX: CXZ) ("Crosshair" or the
"Company") announces that it has agreed with the lead Canadian
underwriter in connection with the Company's announced bought deal
financing (please reference the press releases issued by the
Company on March 6, 2008) to: 1) increase the size of the offering
of Flow-Through Shares from 3,226,000 to 3,575,000 and reduce the
offering price of the Flow-Through Shares from C$1.55 to C$1.40 per
Flow-Through Share, and 2) increase the size of the offering of
Units from 7,250,000 to 8,000,000 and reduce the offering price of
the Units from C$1.38 to C$1.25 per Unit. Each Unit consists of one
common share and one transferable common share purchase warrant (a
"Warrant"). Each Warrant will entitle the holder thereof to
purchase one common share at a price of C$1.80, revised from
C$2.00, expiring 18 months from the closing of the Offering. The
revised offering of 8,000,000 Units and 3,575,000 Flow-Through
Shares priced at $1.25 per Unit and $1.40 per Flow-Through Share
will result in gross proceeds to Crosshair of C$15,005,000.
The Company's board of directors believes that in light of
current market conditions, it is in the Company's best interests to
agree to the proposed amendment as a reasonable accommodation
between existing shareholder interests and its new sources of
financing. Closing has been set for April 4, 2008 and the board
advises that no more amendments to pricing will be considered.
The Company will forthwith file an amended prospectus with all
applicable regulatory authorities.
The securities offered have not been registered under the U.S.
Securities Act of 1933, as amended (the "U.S. Securities Act"), or
applicable state securities laws, and may not be offered or sold in
the United States or to "U.S. persons," as such term is defined in
Regulation S under the U.S. Securities Act, absent registration or
an applicable exemption from the registration requirements of the
U.S. Securities Act and applicable state securities laws. This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
securities in any State in which such offer, solicitation or sale
would be unlawful.
About Crosshair
Crosshair is a dominant player in the exploration for uranium in
the Central Mineral Belt of Labrador-Canada's most promising
emerging uranium district. The 755 sq km Central Mineral Belt
Uranium Project is host to potentially three types of uranium
mineralization - Iron Oxide Copper Gold (IOCG - Olympic Dam),
structurally controlled/shear zone and unconformity types of
mineralization.
For more information on the Company and its properties, please
visit the website at www.crosshairexploration.com.
ON BEHALF OF THE BOARD
Mark J. Morabito, Chief Executive Officer
Cautionary Note Regarding Forward-Looking Information
Information set forth in this news release may involve
forward-looking statements. Forward-looking statements are
statements that relate to future, not past, events. In this
context, forward-looking statements often address a company's
expected future business and financial performance, and often
contain words such as "anticipate", "believe", "plan", "estimate",
"expect", and "intend", statements that an action or event "may",
"might", "could", "should", or "will" be taken or occur, or other
similar expressions. By their nature, forward-looking statements
involve known and unknown risks, uncertainties and other factors
which may cause our actual results, performance or achievements, or
other future events, to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others, the
following risks: the risks associated with outstanding litigation,
if any; risks associated with project development; the need for
additional financing; operational risks associated with mining and
mineral processing; fluctuations in uranium, gold and other
commodity prices; title matters; environmental liability claims and
insurance; reliance on key personnel; the potential for conflicts
of interest among certain officers, directors or promoters with
certain other projects; the absence of dividends; competition;
dilution; the volatility of our common share price and volume; and
tax consequences to U.S. Shareholders. Forward-looking statements
are made based on management's beliefs, estimates and opinions on
the date that statements are made and the Company undertakes no
obligation to update forward-looking statements if these beliefs,
estimates and opinions or other circumstances should change.
Investors are cautioned against attributing undue certainty to
forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of the content of this News Release.
Contacts: Crosshair Exploration & Mining Corp. - Vancouver
Dan McIntyre (604) 681-8030 (604) 681-8039 (FAX) Email:
dan@crosshairexploration.com Website:
www.crosshairexploration.com
(TSXV:CXX)
Historical Stock Chart
From May 2024 to Jun 2024
(TSXV:CXX)
Historical Stock Chart
From Jun 2023 to Jun 2024
