Non-brokered offering to fund La Cigarra project, working capital
By Devika Patel
Knoxville, Tenn., July 10 - International Northair Mines Ltd. said it will raise about C$1.5 million in a non-brokered private placement of stock and units.
The company will sell 9.6 million common shares at C$0.14 apiece to Coeur Mining Inc. and at least C$250,000 of units of one common share and a half-share warrant at C$0.145 per unit.
Each whole two-year warrant is exercisable at C$0.25.
The price per share represents a 27.27% premium to C$0.11, the July 9 closing share price. The warrant strike price is a 127.27% premium to that price.
Settlement is expected on July 17.
Proceeds will be used for Northair's La Cigarra Project and for general working capital.
International Northair is a precious metals exploration company based in Vancouver, B.C.
| Issuer: | International Northair Mines Ltd.
|
| Issue: | Common shares, units of one common share and a half-share warrant
|
| Amount: | C$1.5 million (approximate)
|
| Agent: | Non-brokered
|
| Pricing date: | July 10
|
| Settlement date: | July 17
|
| Stock symbol: | TSX Venture: INM
|
| Stock price: | C$0.11 at close July 9
|
| Market capitalization: | C$11.01 million
|
|
|
| Shares
|
| Amount: | C$1,344,000
|
| Shares: | 9.6 million
|
| Price: | C$0.14
|
| Warrants: | No
|
| Investor: | Coeur Mining Inc.
|
|
|
| Units
|
| Amount: | C$250,000 (minimum)
|
| Price: | C$0.145
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
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