Proceeds from non-brokered offering to fund exploration, development
By Devika Patel
Knoxville, Tenn., Aug. 25 – International Northair Mines Ltd. said it increased its non-brokered private placement of units to C$4 million from C$3 million due to increased interest. The deal priced on Aug. 7.
The company will now sell 40 million units of one common share and one warrant at C$0.10 per unit.
Each three-year warrant is exercisable at C$0.18 for the first 18 months and at C$0.25 for the remainder of the warrant term. The strike prices reflect 38.46% and 92.31% premiums to the Aug. 6 closing share price of C$0.13.
Settlement is expected Sept. 4.
Proceeds will be used for exploration and development of the La Cigarra silver project in Chihuahua, Mexico, and general working capital purposes.
International Northair is a precious metals exploration company based in Vancouver, B.C.
| Issuer: | International Northair Mines Ltd.
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| Issue: | Units of one common share and one warrant
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| Amount: | C$4 million
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| Units: | 40 million
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| Price: | C$0.10
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| Warrants: | One warrant per unit
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| Warrant expiration: | Three years
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| Warrant strike price: | C$0.18 (first 18 months), C$0.25 (until expiration)
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| Agent: | Non-brokered
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| Pricing date: | Aug. 7
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| Upsized: | Aug. 25
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| Settlement date: | Sept. 4
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| Stock symbol: | TSX Venture: INM
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| Stock price: | C$0.13 at close Aug. 6
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| Market capitalization: | C$12.12 million
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