Proceeds of deal slated for exploration and general corporate purposes
By Devika Patel
Knoxville, Tenn., June 11 - International Northair Mines Ltd. said it will conduct a C$1 million non-brokered private placement of units. It also will raise C$3.01 million in a private placement of units with Coeur d'Alene Mines Corp. on the same terms.
The company will sell 14,321,429 units of one common share and a half-share warrant at C$0.25 per unit. Coeur d'Alene will buy 10.75 million of the units.
Each whole warrant will be exercisable at C$0.40 for 18 months. The strike price reflects a 37.93% premium to the June 8 closing share price of C$0.29.
Proceeds will be used to further the company's exploration projects and for general corporate purposes.
"This significant equity investment by Coeur d'Alene, one of North America's largest primary silver producers, is a strong technical endorsement of Northair's La Cigarra Project," president and chief executive officer Fred Hewett said in a press release.
"Despite the turbulent financial markets, this is a very exciting time for the company as we aggressively advance this new mineral discovery in the historic Parral silver district in central Mexico. Northair will provide shareholders with regular updates as we approach the publication of La Cigarra's initial resource calculation scheduled for this fall."
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 a half-share warrant
|
| Amount: | C$4.01 million
|
| Units: | 14,321,429
|
| Price: | C$0.28
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.40
|
| Agent: | Non-brokered (for C$1 million)
|
| Investor: | Coeur d'Alene Mines Corp. (for C$3.01 million)
|
| Pricing date: | June 11
|
| Stock symbol: | TSX Venture: INM
|
| Stock price: | C$0.29 at close June 8
|
| Market capitalization: | C$18.43 million
|
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