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Crosshair thanks shareholders for support at AusAm EGM
Crosshair thanks shareholders for support at AusAm EGM -  Strong support received fo...
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[{"type":"text","content":"\nCrosshair thanks shareholders for support at AusAm EGM\n\nCrosshair thanks shareholders for support at AusAm EGM\n-  Strong support received for Crosshair -\n- Constitutional amendment withdrawn - \n- Crosshair continues to seek engagement with AusAm - \nVancouver, British Columbia CANADA, September 12, 2011 /FSC/ - Crosshair Exploration Mining Corp. (CXX - TSX, CXZ - NYSE Amex),  (\"Crosshair\") welcomes the support shown for its position at the Australian American Mining Corporation Limited (\"AusAm\") shareholder meeting held on September 9, 2011. \nShareholders voted against the Board's recommendations in large numbers and delivered a strong message to AusAm about the level of support for Crosshair's call for the Board to engage in discussions. The numbers of shares voted at the meeting were significantly greater than past AusAm shareholder meetings. Through Crosshair's and its consultants efforts in contacting shareholders, it believes that it received significant support from the AusAm retail shareholder base but ultimately certain large shareholders with pre-existing ties to AusAm management were able to deliver the necessary votes for the resolutions to be approved.\nOf particular note, AusAm withdrew the resolution relating to a constitutional amendment, which likely would not have received sufficient shareholder support to pass.\nMark Morabito, the Executive Chairman of Crosshair, said the results of the meeting do not affect the compelling proposal Crosshair has presented to AusAm to unlock the value of AusAm's key uranium assets.\n\"Crosshair has put forward a compelling proposal to AusAm and we will continue to pursue serious good faith negotiations with the AusAm board in order to progress a deal,\" Mr Morabito said.  \nDetails of Crosshair's proposal\nCrosshair has proposed a direct equity payment of US$12.85 million worth of Crosshair shares in exchange for AusAm's United States uranium assets, namely the Apex/Lowboy Project, Lone Star Project and Rio Puerco Project (the \"U.S. Uranium Assets\"). Crosshair would then be responsible for progressing development of the US Uranium Assets and enhancing their future value. \nCrosshair is not making a takeover offer for AusAm's ordinary shares. Crosshair is only proposing to acquire AusAm's U.S. Uranium Assets in exchange for Crosshair sh...