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Crosshair to oppose all resolutions at AusAm EGM
Crosshair to oppose all resolutions at AusAm EGM Calls on shareholders to send a message to Au...
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[{"type":"text","content":"\nCrosshair to oppose all resolutions at AusAm EGM\n\nCrosshair to oppose all resolutions at AusAm EGM\nCalls on shareholders to send a message to AusAm Board\nVancouver, British Columbia CANADA, August 28, 2011 /FSC/ - Crosshair Exploration Mining Corp. (CXX - TSX, CXZ - NYSE Amex),  (\"Crosshair\") has called on fellow shareholders of Australian American Mining Corporation Limited (\"AusAm\") (ASX: AIW) to oppose the resolutions proposed for a general meeting of AusAm shareholders on September 9, 2011.\nCrosshair has written to all AusAm shareholders outlining its opposition to the resolutions, based on its concerns regarding the performance and direction of AusAm. \nMark Morabito, the Executive Chairman of Crosshair, said shareholders should not miss the opportunity to send a message to the AusAm Board:\n\"The AusAm share price has slumped over an extended period and destroyed significant shareholder wealth along the way. AusAm's Board has failed to adequately capitalise on the exploration and development of its assets and it appears that the AusAm Board does not have a realistic plan to halt the value destruction.\"\n\"AuAm shareholders can send a message to the AusAm Board by voting against these resolutions. If other AusAm shareholders agree with us, Crosshair urges them to exercise their rights as a shareholder and vote against these resolutions too,\" Mr Morabito said. \nFollowing are the three main points raised in Crosshair's letter to AusAm shareholders:\n1. Should AusAm shareholders really reward this Board?\nSeveral of the resolutions relate to issuing new options to AusAm Board members.\nAusAm has not delivered value to its shareholders, far from it. On the contrary, the Board has overseen a major destruction of shareholder value and watched as the AusAm share price has slumped. Now the Board seems to think it deserves to be rewarded for this underperformance. Crosshair takes a very different view. Crosshair is happy to reward Directors for value creation and share price outperformance, but not for value destruction.  \nCrosshair will be voting against all resolutions relating to the issue of options to AusAm Directors.\n2. A junior listing is not the answer\nA number of the resolutions are to facilitate listing AusAm on the TSX Venture Exchange. \nThe AusAm Board claims a TSX Venture Exchange l...