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Crosshair Proposal to Acquire Uranium Assets from Australian American Mining
Crosshair Proposal to Acquire Uranium Assets from Australian American Mining Vancouver, Britis...
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[{"type":"text","content":"\nCrosshair Proposal to Acquire Uranium Assets from Australian American Mining\n\nCrosshair Proposal to Acquire Uranium Assets from Australian American Mining \nVancouver, British Columbia CANADA, August 28, 2011 /FSC/ - Crosshair Exploration Mining Corp. (CXX - TSX, CXZ - NYSE Amex),  (\"Crosshair\") has delivered a proposal to Australian American Mining Corporation Limited (\"AusAm\") (ASX: AIW) for the acquisition of AusAm's United States uranium assets, namely the Apex/Lowboy Project, Lone Star Project and Rio Puerco Project (the \"AusAm Uranium Assets\").\nCrosshair has written directly to AusAm shareholders to outline their proposal and call on shareholders to support Crosshair's efforts to unlock the value in AusAm.\nUnder the proposal, AusAm would receive consideration of US$12.85 million for the AusAm Uranium Assets payable in Crosshair shares. In return, Crosshair would acquire the AusAm Uranium Assets and be responsible for progressing them and enhancing their value. \nTo date the AusAm Board has failed to meaningfully engage with Crosshair in a substantive discussion for a proposal and has sought only to delay this proposal from moving forward.\nDespite owning some highly prospective uranium assets in North America, AusAm's Board has failed to adequately capitalise on the exploration and development of its assets. More worryingly, the AusAm Board does not have a realistic plan to halt the value destruction being experienced, despite demanding shareholders issue them options and pay them substantial salaries.\nCrosshair has lost confidence in the AusAm Board and their ability to deliver shareholder value. Crosshair believes AusAm shareholders are being denied the benefit of the true value locked up in AusAm.  Crosshair thinks AusAm shareholders deserve better.\nCrosshair has sent a letter directly to each of the shareholders of AusAm to outline its plan. Crosshair needs other AusAm shareholders to join it and help unlock the value.\nMark Morabito, the Executive Chairman of Crosshair, said that the offer represented a potential win-win opportunity for both companies.\n\"Our proposal allows AusAm to immediately benefit from a significant premium in the value of their assets, whilst allowing Crosshair to accelerate the development of the uranium assets by applying our proven expertise, based here in N...