- TSX.V: KTN
- OTC: KOOYF
Northair Completes Oversubscribed Private Placement for + $5 Million
International Northair Mines Ltd. (TSXV: INM) (the "Company" or "Northair") is pleased to announce that it has closed its non-brokered private placement with the issuance of 17,126,666 Units at a price of $0.30 per Unit for gross proceeds of $5,137,199.80. Each Unit is 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 closes at or above $0.75 for 10 or more consecutive trading days.
"We are very pleased to close this private placement, which was significantly over subscribed," said Fred Hewett, President & CEO of Northair. "We are now well financed to further explore our La Cigarra silver property in Mexico, as well as continuing with work on other projects."
Northair paid finder's fees in respect of certain purchasers of securities introduced to the Company by the finder. The finder's fees equaled 5% of the aggregate amount subscribed to by those purchasers (which totaled $5,009,000) and was paid in cash. The finders were also issued 834,333 finder's warrants, which have the same terms as the Offered Units and are exercisable into common shares at a price of $0.50 for a period of 12 months immediately following the date of issuance.
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 common shares issued and the common shares underlying the warrants are subject to a four month hold period ending on July 18, 2011.
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.