Northair Announces $4,000,000 Private Placement
International Northair Mines Ltd. (TSXV: INM) (the "Company" or "Northair") intends to complete a non-brokered private placement of up to $4,000,000 consisting of 13,333,333 Units at a price of $0.30 per Unit. Each Unit shall be comprised of one common share and one half warrant. Each warrant will entitle the holder to acquire one common share of Northair at a price of $0.50 for a period of 12 months immediately following the closing date. The warrants will be subjected to an accelerated exercise provision if the share price of Northair trades at or above $0.75 for 10 or more consecutive trading days.
Northair will pay a finder's fee in cash or shares, at the election of the Company, of 5% of the proceeds raised, or 5% of the number of Units sold, respectively, through the efforts of the Finder. The Finder will also receive finder's warrants (the "Finder's Warrants") equal to 5% of the Units placed by the finder. The Finder's Warrants will have the same terms as the warrants forming part of the Units and be exercisable into common shares at a price of $0.50 for a period of 12 months immediately following the closing date.
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.
The Units will be offered and sold by way of private placement exemptions in all provinces and jurisdictions of Canada, other than Quebec, and into jurisdictions outside of Canada and the US.
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.
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.