May 14, 2010 Northair Successfully Completes Warrant Incentive Program
International Northair Mines Ltd. (TSXV: INM) (the "Company" or "Northair") is pleased to
announce that 6,385,000 warrants have been exercised under the terms of the previously announced warrant incentive program adding $638,500 to the Company's treasury.
"We would like to thank our warrant holders for participating in the warrant incentive program." said Fred Hewett, President & CEO of Northair. "We very much appreciate their support of the Company. The proceeds of the financing will be used for the first drill program at our La Cigarra silver project in Mexico as well as to fund possible new acquisitions, further the Company's exploration projects and for general working capital."
Early Warrant Exercise
In order to encourage the early exercise of the warrants, Northair, offered a Unit (as described and defined below) for each Original Warrant exercised prior to the expiry date of the incentive program. Each holder of an Original Warrant who elected to exercise prior to the expiry date of the incentive program received a Unit comprised of one common share and one-half of one whole warrant (a "New Warrant"). Each whole New Warrant allows 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 New Warrants will be subject to a four-month hold period.
Northair paid a commission to finders as a result of their services in soliciting the May 2009 warrant holders. The commission equaled 5% of the aggregate amount subscribed to by those purchasers (which totaled 4,835,000) and were paid as to 2.5% in cash and 2.5% in shares of the Company.
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: [email protected] ____________________________________________________________________________
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.
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