Northair Seeks to Accelerate Warrant Exercise
International Northair Mines Ltd. (TSXV: INM) (the "Company" or "Northair") is pleased to announce that it is making application to the TSX Venture Exchange (the "Exchange") for approval of an incentive program to encourage the early exercise of outstanding warrants (the "Original Warrant(s)").
The Original Warrants (which will not include the finder's warrants) were issued as part of a financing in May 2009 with an expiry date of May 19, 2011. Each Original Warrant is exercisable to acquire one common share at a price of $0.10 before May 19, 2010 and $0.20 thereafter until May 19, 2011.
In order to encourage the early exercise of such warrants, Northair will be seeking an amendment to the terms of the Original Warrants to enable the holders to receive a Unit (as defined and described below) for each Original Warrant exercised prior to May 18, 2010.
The proceeds of the financing would be used to further the Company's exploration projects, fund possible new acquisitions and for general working capital. The incentive program is subject to Exchange approval and Northair expects to give notice to the Original Warrant holders as soon as the approval is received.
Early Warrant Exercise
After approval of the incentive program and the resulting amendment to the Original Warrants, each holder of an Original Warrant who elects to exercise their Original Warrant prior to the May 18, 2010 expiry date of the incentive program (the "Expiry Date") will receive a unit (a "Unit") comprised of one common share and one-half of one whole warrant (a "New Warrant"). Each whole New Warrant will allow the holder to acquire an additional one common share of Northair at a price of $0.20 per share for one year following the date of issue of the Unit. The Warrants will be subject to a four-month hold period. If a warrant holder does not exercise their Original Warrants by the Expiry Date, the Original Warrants will continue to be exercisable for common shares on the same terms that previously existed.
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: firstname.lastname@example.org _____________________________________________________________________________
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.
This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.