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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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Thursday September 02, 11:00Baobab Resources identifies distinct ore domain at Tete’s South Zone

Baobab MD Ben James said the latest drilling results from the Tete project's South Zone characterise a distinct, higher mass recovery, ore domain.

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Thursday September 02, 08:15Indonesia edges closer toward uranium mining and nuclear power

After nearly five decades of national debate on the issue, Indonesia's central government may finally be ready to develop a national nuclear policy, which may lead to domestic uranium mining.

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Wednesday September 01, 01:25Green Dragon Gas reports significant growth as China’s thirst for energy continues

China's thirst for energy resources has continued with an increased focus on domestic supplies of gas, Green Dragon Gas chairman Randeep Grewal said today. In the company's interim results, [...]

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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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