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Crosshair Announces Closing of $1.5 Million Private Placement
Crosshair Announces Closing of $1.5 Million Private Placement
About this update from Global Crossing Airlines Group, Inc.
[{"type":"text","content":"\nCrosshair Announces Closing of $1.5 Million Private Placement\n\n\n Apr. 1, 2010 (Filing Services Canada) -- Crosshair Exploration & Mining Corp. (NYSE Amex: CXZ) (TSX: CXX) (?Crosshair?), is pleased to announce the closing today of a non-brokered private placement with MineralFields Group of 6,818,180 units of Crosshair (\"Unit\") at a price of $0.22 per unit for gross proceeds of $1,499,999.60 (the \"Private Placement\").  Each Unit consists of one Flow-Through Common Share, which qualifies as a \"flow-through share\" for the purposes of the Income Tax Act (Canada), and one half of one transferable non-flow-through share purchase warrant (a \"Warrant\").  Each full Warrant has a two year term and is exercisable for one non-flow-through Common Share at an exercise price of $0.35 per Common Share for the first year and $0.40 for the second year following the date the Private Placement closes.In connection with the Flow-Through Private Placement Crosshair paid a finder's fee of a cash commission equal to 5% and a due diligence fee equal to 3.5% of the gross proceeds received from the Private Placement and issued finder's fee warrants exercisable to acquire that number of Units (\"Agent's Units\") as is equal to 7.5% of the aggregate amount of Units issued and sold pursuant to the Private Placement, at an exercise price of $0.22 per Agent's Unit, for a period of 24 months following the date the Private Placement closes.  Each Agent's Unit consists of one Common Share and one half of one share purchase warrant on the same terms as the Warrants.All securities issued pursuant to the Private Placement are subject to a four month hold period that expires on August 2, 2010.The funds raised from the Flow-Through Private Placement will be used by Crosshair for exploration expenditures on its bulk sampling program at the Golden Promise Gold Project, which will constitute Canadian exploration expenditures (as defined in the Income Tax Act (Canada)) and will be renounced for the 2010 taxation year.About CrosshairCrosshair is a prominent player in the exploration and development of uranium and gold in Canada and the US.   Its flagship Project, Bootheel, is located in uranium mining friendly Wyoming and with its in-situ mining potential; Bootheel is designed for near term production.  The CMB...