Business
Crosshair Announces Closing of $10 Million Financing
Crosshair Announces Closing of $10 Million Financing
About this update from Global Crossing Airlines Group, Inc.
[{"type":"text","content":"\nCrosshair Announces Closing of $10 Million Financing\n\n\n Nov. 24, 2010 (Filing Services Canada) -- Crosshair Exploration & Mining Corp. (CXX - TSX, NYSE - Amex),(\"Crosshair\" or the \"Company\") is pleased to announce that it has closed its previously announced financing for aggregate gross proceeds of $10 million (the \"Offering\"). The following discussion with respect to the Offering is presented on a post-consolidation basis.Crosshair has closed a brokered private placement with BayFront Capital Partners Ltd. (the \"Agent\") to accredited investors of subscription receipts of Crosshair (\"Subscription Receipts\") for gross proceeds of $7 million. Upon satisfaction of the escrow release conditions set out below, the Subscription Receipts will be automatically converted (for no additional consideration) into units of Crosshair (the \"Units\") at an effective price of $0.70 per Unit, with each whole Unit being comprised of one post-consolidation common share of Crosshair (\"Common Share\") and one Common Share purchase warrant of Crosshair (a \"Warrant\").  Each Warrant will be exercisable for one Common Share at an exercise price of $1.00 per Common Share until November 23, 2012. The gross proceeds from the offering of Subscription Receipts will be released following: (i) shareholder approval of the offering of Subscription Receipts; and (ii) the completion of the consolidation of the Company's Common Shares on the basis of one post-consolidation common share for every four pre-consolidation common shares outstanding. Crosshair has concurrently closed a brokered private placement with the Agent on a \"best efforts\" basis to accredited investors of flow-through units of Crosshair (the \"Flow Through Units\") for gross proceeds of $3 million.  Each Flow Through Unit was issued at an effective price of $0.80 per Flow Through Unit, with each Flow Through Unit being comprised of one flow-through Common Share (a \"Flow Through Share\") and one half of one Warrant.  Each whole Warrant is exercisable for one non flow-through Common Share at an exercise price of $1.25 per Common Share until November 23, 2012. Each Flow Through Share consists of one Common Share which qualifies as a \"flow-through share\" for purposes of the Income Tax Act (Canada). All securities issued pursuant to the Offering will ...