Coeur d'Alene Mines leads investors with C$3.01 million injection
By Susanna Moon
Chicago, July 12 - International Northair Mines Ltd. said it sold C$6.1 million of units in an oversubscribed non-brokered private placement. Coeur d'Alene Mines led the way with its purchase of C$3.01 million of units. The deal priced on June 11 for C$4.01 million.
In all, the company sold 21,784,344 units of one share and one half-share warrant at C$0.28 each. Of that amount, Coeur d'Alene Mines bought 10.75 million units, and International Minerals Corp. bought 1,786,000 units for gross proceeds of C$500,080.
Each whole warrant will be exercisable at C$0.40 for 18 months. The strike price reflects a 37.93% premium to the June 8 closing share price of C$0.29.
Proceeds will be used to further the company's exploration projects and for general corporate purposes.
"We are very pleased to close this oversubscribed private placement, which includes a significant strategic investment from Coeur d'Alene, the largest U.S.-based primary silver producer," president and chief executive officer Fred Hewett said in a press release.
"The proceeds received from this financing will greatly assist the company in achieving its immediate exploration goals and advancing its flagship La Cigarra silver property in Mexico."
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 a half-share warrant
|
| Amount: | C$6.01 million
|
| Units: | 21,784,344
|
| Price: | C$0.28
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.40
|
| Agent: | Non-brokered
|
| Investors: | Coeur d'Alene Mines Corp. (for C$3.01 million); International Minerals Corp. (for C$500,080)
|
| Pricing date: | June 11
|
| Settlement date: | July 12
|
| Stock symbol: | TSX Venture: INM
|
| Stock price: | C$0.29 at close June 8
|
| Market capitalization: | C$18.43 million
|
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