International Northair Arranges $500,000 Private Placement
International Northair Mines Ltd. (TSXV: INM) (the "Company" or "Northair") intends to complete a non-brokered private placement of up to 10,000,000 Units at a price of $0.05 per Unit. Each Unit shall be comprised of one common share and one warrant. Each warrant will entitle the holder to acquire one common share of Northair for 24 months from the closing date at a price of $0.10 in the 12 months immediately following the closing date and $0.20 thereafter. The warrants will be subjected to an accelerated exercise provision if the share price of Northair trades at or above $0.35 for 10 or more consecutive trading days.
Northair shall pay a finders fee in respect of purchasers of securities introduced to the Company by the Finder. The finders' fee shall equal 7% of the aggregate amount paid by purchasers, to be paid by cash or the issue of Units of the Company having the same terms as the Offered Units at the election of the Company. The Finder may also receive broker warrants (the "Broker Warrants") equal to 7% of the Units issued pursuant to this Offering. The Broker Warrants will be exercisable into common shares for 24 months from the closing date at a price of $0.10 in the 12 months immediately following the closing date and $0.20 thereafter.
Net proceeds of this private placement will be used to further the Company's exploration projects, fund possible new acquisitions and for general working capital.
This private placement share offering is subject to, among other things, receipt by Northair of all necessary regulatory approvals, including the approval of the TSX Venture Exchange and a hold period of 4 months for all issued securities.
Project Updates
Northair is currently conducting further technical and legal due diligence regarding the potential acquisition of the La Cigarra silver project, located in the State of Chihuahua, Mexico. At the Company's La India gold project, located in the state of Durango, Mexico; Fresnillo PLC is currently conducting a phase one diamond drill program that consists of a minimum of five diamond drill holes totaling approximately 650 metres in length. Fresnillo can earn an initial 60% property interest in La India by spending US$1,750,000 in exploration expenditures, and making payments to Northair.
Northair also maintains the El Reventon silver-lead-zinc project in Durango and the Sierra Rosario silver-gold project (in a joint venture with Sparton Resources Inc.) in Sinoloa. Both properties cover attractive mineral occurrences and the Company is soliciting interest from possible joint venture partners in order to advance these projects.
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by Jim Robinson, the Company's Vice President of Exploration, and a Qualified Person under NI 43-101.
ON BEHALF OF THE BOARD,
INTERNATIONAL NORTHAIR MINES LTD.
"Fred G. Hewett"
____________________________________
Fred G. Hewett, P.Eng.
President & CEO
For further information please contact Fred Hewett, President or Chris Curran, Investor Relations
at 604-687-7545 or 1-888-338-2200
Website: www.northair.com/international/ Email: info@northair.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This news release may contain forward looking statements which are not historical facts, such as ore reserve estimates, anticipated production or results, sales, revenues, costs, or discussions of goals and exploration results, and involves a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, metal price volatility, volatility of metals production, project development, ore reserve estimates, future anticipated reserves and cost engineering estimate risks, geological factors and exploration results. See Northair's filings for a more detailed discussion of factors that may impact expected results.