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Market: TSX
Sector: General Mining
Epic: TSX:CXX
News: Latest news
Web Site: Crosshair Exploration & Mining
Other Articles: 07-01-2009

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Crosshair Exploration & Mining

Crosshair Exploration & Mining

Crosshair is a leading junior exploration company focused on exploring and developing uranium in the Central Mineral Belt of Labrador.

Crosshair also continues to advance its gold and Volcanic Hosted Massive Sulphide (VHMS) projects in Newfoundland, which are slated for a dividend spin out to shareholders into Gemini Metals Corp. in 2009.
 

Wednesday, January 07, 2009

Crosshair Exploration to acquire Target Exploration in all share offer

by Ian Mclelland company news image

Crosshair Exploration & Mining (TSX:CXX) announced that it had entered into an agreement where it will acquire Target Exploration & Mining (TSX-V:TEM) in an all share offer.

Crosshair Exploration and Target Exploration's board of directors have both approved the deal, which will see Crosshair issue 1.2 shares for every outstanding share in Target. The transaction is subject to shareholder approval from both companies.  

The logic for the deal appears simple.  Crosshair is a larger company with cash in the bank, but has been hit by negative sentiment since the Nanatsiavut Government placed a moratorium on uranium mining until 2011.  Crosshair's CMB Uranium Project in Labrador is not "directly affected", but nonetheless the company admitted that "negative sentiment towards the region...cannot be ignored."

Meanwhile Target Exploration requires cash to move the Bootheel Uranium Project in Wyoming into production, where a 43-101 resource estimate is due for completion in Q1 2009, after which the company will be able to exercise its option to earn a 75% interest in the project.


Assuming the deal goes through, Crosshair will issue 14.6 million shares to Target shareholders, representing 15.4% of the combined company.  In the meantime, Crosshair said it had agreed to provide bridge financing to Target with a 7% coupon.


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