Crosshair Adopts Shareholder Rights Plan
26 Novembre 2007 - 3:15PM
Marketwired
VANCOUVER, BRITISH COLUMBIA (AMEX: CXZ) announced today that its
Board of Directors has adopted a shareholder rights plan. The
rights plan is effective immediately and is subject to ratification
by shareholders at an extraordinary shareholders' meeting that is
expected to be held in March 2008. Upon ratification, the rights
plan will have a term of three years.
A committee of independent directors of Crosshair, consisting of
David Lee, Leo Power and Ian Smith, was established to consider
whether it was in the best interests of shareholders to adopt the
rights plan. Following deliberations, including receiving legal
advice from independent counsel, the committee determined that it
was appropriate.
The objectives of the rights plan include providing shareholders
with adequate time to properly assess the merits of any proposed
takeover bid or similar transaction involving the shares of
Crosshair without undue pressure; encouraging the development of
alternative transactions or competing takeover bids under the
circumstances; and giving the directors adequate time to fully
consider any such takeover bid or similar transaction and any
alternative transaction that may be proposed.
Ian Smith, a member of the independent committee, said, "At the
present time, the directors of Crosshair have no knowledge of any
proposed offer to acquire Crosshair's shares. However, the
independent directors consider it prudent to adopt the rights plan
to ensure that shareholders are treated fairly and not subject to
undue pressure to tender in the event of such a transaction."
A copy of the rights plan, which will preclude a person or group
of persons from acquiring more than 20% of Crosshair's outstanding
common shares other than in compliance with the rights plan, will
be attached to a material change report to be filed by Crosshair
and will be available at www.sedar.com.
About Crosshair
Crosshair is a dominant player in the exploration for uranium in
the Central Mineral Belt of Labrador-Canada's most promising
emerging uranium district. The 750 sq km Central Mineral Belt
Uranium Project is host to potentially three types of uranium
mineralization - Iron Oxide Copper Gold (IOCG - Olympic Dam),
structurally controlled/shear zone and unconformity types of
mineralization.
For more information of the Company and its properties, please
visit the website at www.crosshairexploration.com.
ON BEHALF OF THE BOARD
Mark J Morabito, President and CEO
Cautionary Note Regarding Forward-Looking Information
Information set forth in this news release may involve
forward-looking statements. Forward-looking statements are
statements that relate to future, not past, events. In this
context, forward-looking statements often address a company's
expected future business and financial performance, and often
contain words such as "anticipate", "believe", "plan", "estimate",
"expect", and "intend", statements that an action or event "may",
"might", "could", "should", or "will" be taken or occur, or other
similar expressions. By their nature, forward-looking statements
involve known and unknown risks, uncertainties and other factors
which may cause our actual results, performance or achievements, or
other future events, to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others, the
following risks: the risks associated with outstanding litigation,
if any; risks associated with project development; the need for
additional financing; operational risks associated with mining and
mineral processing; fluctuations in uranium, gold and other
commodity prices; title matters; environmental liability claims and
insurance; reliance on key personnel; the potential for conflicts
of interest among certain officers, directors or promoters with
certain other projects; the absence of dividends; competition;
dilution; the volatility of our common share price and volume; and
tax consequences to U.S. Shareholders. Forward-looking statements
are made based on management's beliefs, estimates and opinions on
the date that statements are made and the Company undertakes no
obligation to update forward-looking statements if these beliefs,
estimates and opinions or other circumstances should change.
Investors are cautioned against attributing undue certainty to
forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of the content of this News Release.
Contacts: Crosshair Exploration & Mining Corp. - Vancouver
Dan McIntyre (604) 681-8030 (604) 681-8039 (FAX) Email:
dan@crosshairexploration.com Website:
www.crosshairexploration.com
(TSXV:CXX)
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