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Crosshair Announces Closing of $7.0 Million Financing
Crosshair Announces Closing of $7.0 Million Financing NOT FOR DISTRIBUTION TO UNITED STATES ...
About this update from Global Crossing Airlines Group, Inc.
[{"type":"text","content":"\nCrosshair Announces Closing of $7.0 Million Financing\n\nCrosshair Announces Closing of $7.0 Million Financing\nNOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES\nVancouver, British Columbia CANADA, February 28, 2012 /FSC/ - Crosshair Energy Corporation  (CXX - TSX, CXZ - NYSE Amex),  (\"Crosshair\" or the \"Company\") is pleased to announce that it has closed its previously announced financing for aggregate gross proceeds of $7.0 million (the \"Offering\"). Crosshair engaged Delano Capital Corp. in connection with the Offering.\nOffering\nCrosshair has closed a non-brokered private placement of 11,897,000 subscription receipts (\"Subscription Receipts\") at a price of $0.40 per Subscription Receipt for gross proceeds of $4,758,800. 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\"), with each whole Unit being comprised of one common share (\"Common Share\") and one-half common share purchase warrant (each whole warrant a \"Warrant\").  Each Warrant will be exercisable until February 27, 2014 at an exercise price of $0.70. The gross proceeds from the offering of Subscription Receipts will be released following shareholder approval of the conversion of the Subscription Receipts into Units in accordance with applicable corporate and securities laws. The Company has called a shareholder meeting for March 14, 2012 to approve the conversion of the Subscription Receipts into Units.\nCrosshair has concurrently closed a non-brokered private placement of up to 4,482,400 flow-through units (the \"Flow Through Units\") at a price of $0.50 per Flow Through Unit for gross proceeds of $2,241,200.  Each Flow Through Unit consists of one flow through common share (a \"Flow Through Share\"), which qualifies as a \"flow-through share\" for purposes of the Income Tax Act (Canada), and one-half of one Warrant. Each Warrant shall be exercisable into one Share until February 27, 2014 at an exercise price of $0.70. \nThe net proceeds raised from the offering of Subscription Receipts will be used by Crosshair to finance the exploration expenditures on its properties and for general corporate purposes. The gross proceeds...