Business
Crosshair Announces Private Placement of $1.5 Million
Crosshair Announces Private Placement of $1.5 Million
About this update from Global Crossing Airlines Group, Inc.
[{"type":"text","content":"\nCrosshair Announces Private Placement of $1.5 Million\n\n\n Mar. 19, 2010 (Filing Services Canada) -- Crosshair Exploration & Mining Corp. (CXX - TSX, CXZ - American), (\"Crosshair\") is pleased to announce that, subject to regulatory approval, it will undertake a non-brokered private placement with MineralFields Group of 6,818,182 units of Crosshair (\"Unit\") at a price of $0.22 per unit for gross proceeds of $1,500,000.04 (the \"Private Placement\").  Each Unit will consist 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.All securities issued pursuant to the Private Placement are subject to a four month hold period.  In connection with the Flow-Through Private Placement Crosshair will, subject to regulatory approval, pay a finder's fee of 8% on the gross proceeds of the Private Placement and will issue finder's fee warrants exercisable to acquire that number of Units (\"Agent's Units\") as is equal to 10% 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 will consist of one Common Share and one half share purchase warrant on the same terms as the Warrants.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 and Phase II of its Central Mineral Belt Vanadium Resource upgrade, which will constitute Canadian exploration expenditures (as defined in the Income Tax Act (Canada)) and will be renounced for the 2010 taxation year.\"We are very pleased to be commencing a relationship with MineralFields Group\", says Stewart Wallis, President and CEO of Crosshair.  \"This is an important milestone in the growth of Crosshair and we look forward to working with MineralFields Group as we develop...