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International Northair Mines Ltd Closes Oversubscribed Private Placements For CAD1.8 Million


Wednesday, 24 Jul 2013 07:30am EDT 

International Northair Mines Ltd announced that it has closed non-brokered private placements for gross proceeds of CAD1,859,315. Proceeds raised from the Private Placements represent an increase of approximately $350,000 over the total amount previously declared by the Company in its press release dated July 10, 2013. Several strategic investors participated in the private placements, including Coeur Mining Inc. which purchased 9,600,000 common shares at a price of $0.14 for gross proceeds of CAD1,344,000. In connection with this subscription Coeur agreed to cancel all its outstanding warrants to acquire common shares of Northair, bringing the total amount of shares it owns to 20,350,000; representing 19.4% of the issued shares of the Company. Concurrent with the Coeur Placement, Northair also completed a non-brokered private placement consisting of 3,553,896 Units at $0.145 for gross proceeds of CAD515,315 (the Additional Placement). Each Unit of the Additional Placement is comprised of one common share and one half warrant. Each full warrant will entitle the holder to acquire one common share of Northair at a price of $0.25 for a period of 24 months following the closing date. Proceeds of the private placements will be used to advance the Company's La Cigarra silver project, including the final purchase of key surface rights and for general working capital. 

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29 Aug 2014