Non-brokered deal funds exploration projects and possible acquisitions
By Devika Patel
Knoxville, Tenn., March 1 - International Northair Mines Ltd. said it plans a non-brokered private placement of units. The deal is expected to raise C$4 million.
The company will sell 13,333,333 units of one common share and one half-share warrant at C$0.30 per unit.
Each whole warrant will be exercisable at C$0.50 for one year. The strike price is a 47.06% premium to C$0.34, the Feb. 28 closing share price.
Proceeds will be used to further the company's exploration projects and fund possible new acquisitions as well as for general working capital.
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 one half-share warrant
|
| Amount: | C$4 million
|
| Units: | 13,333,333
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.50
|
| Agent: | Non-brokered
|
| Pricing date: | March 1
|
| Stock symbol: | TSX Venture: INM
|
| Stock price: | C$0.34 at close Feb. 28
|
| Market capitalization: | C$12.6 million
|
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