Non-brokered deal funds exploration projects and possible acquisitions
By Devika Patel
Knoxville, Tenn., March 17 - International Northair Mines Ltd. said it concluded an oversubscribed non-brokered private placement of units. The deal priced for C$4 million on March 1 and raised C$5.14 million.
The company sold 17,126,666 units of one common share and one half-share warrant at C$0.30 per unit.
Each whole warrant will be exercisable at C$0.50 for one year. The strike price is a 47.06% premium to C$0.34, the Feb. 28 closing share price.
Proceeds will be used to further the company's exploration projects, fund possible new acquisitions and for general working capital.
"We are very pleased to close this private placement, which was significantly oversubscribed," president and chief executive officer Fred Hewett said in a press release. "We are now well financed to further explore our La Cigarra silver property in Mexico, as well as continuing with work on other projects."
International Northair is a precious metals exploration company based in Vancouver, B.C.
| Issuer: | International Northair Mines Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$5,137,200
|
| Units: | 17,126,666
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.50
|
| Agent: | Non-brokered
|
| Pricing date: | March 1
|
| Settlement date: | March 17
|
| Stock symbol: | TSX Venture: INM
|
| Stock price: | C$0.34 at close Feb. 28
|
| Market capitalization: | C$13.81 million
|
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