|
 |  |  |  | |
|
  Central Mineral Belt Property Sale
On July 30th , 2008, Universal Uranium Ltd. sold its 60-per-cent interest in its uranium project in the Central Mineral Belt, Labrador to Crosshair Exploration & Mining Corp. (TSX:CXX). The property consisted of approximately 4,737 claims and included the Two Time uranium deposit, which sits outside the Labrador Inuit land area. (See News Release dated July, 30, 2008).
As consideration for Universal's interest in the property, Crosshair paid to Universal $500,000 and issued 10 million common shares and 7.5 million warrants. Each warrant entitles Universal to purchase an additional common share in the capital of Crosshair at $1.00 per share for a period of three years. Crosshair also purchased, by way of private placement, 2,222,222 units of Universal at a price of 45 cents per unit. Each unit consists of one common share of Universal and one share purchase warrant entitling Crosshair to purchase an additional common share of Universal at a price of 65 cents per Universal warrant for a period of 24 months.
Universal will retain a 2-per-cent net smelter return royalty on its 60-per-cent interest in the property, 0.5 per cent of which may be purchased by Crosshair for $1-million.
This sale has allowed Universal to maintain an interest in the potential of the CMB property while also expanding shareholder interests to include the Crosshair C-Zone.
Universal looks forward to maintaining its interest in the CMB and using the private placement funds to focus on the company's newly acquired Potash property in Western Newfoundland.
For further information regarding the CMB Uranium Project please see Crosshair's website at www.crosshairexploration.com
|
|
|
| | | | | | | | |  | | | | |
