Non-brokered offering is to fund La Cigarra Project, working capital
By Devika Patel
Knoxville, Tenn., July 24 - International Northair Mines Ltd. said it raised C$1.86 million in a non-brokered private placement of stock and units. The deal priced for about C$1.5 million on July 10.
The company sold 9.6 million common shares at C$0.14 apiece to Coeur Mining Inc. and 3,553,896 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.
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$1,859,315
|
| Agent: | Non-brokered
|
| Investor: | Coeur Mining Inc. (for C$1,344,000)
|
| Pricing date: | July 10
|
| Settlement date: | July 24
|
| Stock symbol: | TSX Venture: INM
|
| Stock price: | C$0.11 at close July 9
|
| Market capitalization: | C$17.43 million
|
|
|
| Shares
|
| Amount: | C$1,344,000
|
| Shares: | 9.6 million
|
| Price: | C$0.14
|
| Warrants: | No
|
| Investor: | Coeur Mining Inc.
|
|
|
| Units
|
| Amount: | C$515,315
|
| Units: | 3,553,896
|
| 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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