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Crosshair Announces Property Acquisition, Financing and Share Consolidation
Crosshair Announces Property Acquisition, Financing and Share Consolidation
About this update from Global Crossing Airlines Group, Inc.
[{"type":"text","content":"\nCrosshair Announces Property Acquisition, Financing and Share Consolidation\n\n\n Nov. 1, 2010 (Filing Services Canada) -- Crosshair Exploration & Mining Corp. (CXX - TSX, CXZ - NYSE - Amex),(\"Crosshair\" or the \"Company\") is pleased to announce that it has signed a definitive agreement (the \"Agreement\") with Strathmore Resources (US) Ltd. (\"Strathmore\"), a wholly owned subsidiary of Strathmore Minerals Corp. (TSX-V: STM) to acquire the Juniper Ridge Uranium Property (\"the Property\"). The Company will also be undertaking a financing for aggregate gross proceeds of up to $10 million (the \"Offering\") and will be consolidating its common shares on the basis of one post-consolidation common share for every four pre-consolidation common shares. Property AcquisitionThe Juniper Ridge Property, located in Carbon County, southwest Wyoming, comprises 197 claims and one state mineral lease totalling 4,710 acres (1,906 Ha) in size. It has a historical geological resource of 5.2 million tons grading 0.067% U3O8 for a total 6.97 million pounds of uranium. The historical resource estimate was completed by AGIP Mining Company in 1986, prior to the implementation of National Instrument 43-101 (\"NI 43-101\") and is not compliant with current accepted reserve and resource classifications as set forth by the Canadian Institute of Mining and Metallurgy. Given the quality of the historic work completed on the Property, the Company believes the resource estimate to be both relevant and reliable. However, a qualified person has not completed sufficient work to classify the historic mineral resources as current mineral resources or mineral reserves as defined in NI 43-101, and the Company is not treating the historic resources as current. Therefore, the historical resource estimate should not be relied upon. The aggregate purchase price for a 100% interest in the Property will be satisfied by Crosshair making initial payments to Strathmore of US$700,000 ($250,000 of which is payable in common shares of Crosshair) and making additional payments based on the uranium resources and reserves on the Property. On the second and third anniversaries of the Agreement, Crosshair will pay Strathmore US$0.50 per pound of uranium resources on the Property as defined in an NI 43-101 technical report. If a technical report has not been completed prior to ...