|International Northair Mines Arranges Non-Brokered Private Placement
International Northair Mines Ltd. (TSXV: INM) intends to offer for sale on a non-brokered private placement basis, up to 5,000,000 units at a price of $0.30 per Unit for total proceeds of $1,500,000 Cdn. Each Unit shall be comprised of one common share and one-half a non-transferable share purchase warrant, with each whole warrant being exercisable to purchase one common share for $0.40 in the first year and $0.50 in the second year. If the closing price of the common shares trades higher than $0.75 over any 20 consecutive trading day period, the Company may accelerate the expiry date of the warrants.
International Northair Mines 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, at the Company’s discretion, with the same attributes as the Offered Units and valued at $0.30 per finder unit. In addition to the Fee, the Company shall issue to the Finder, warrants of the Company exercisable for common shares equal in number to 7% of the number of securities sold to purchasers. Each finder’s warrant shall have an exercise price of $0.40 in the first year and $0.50 in year two.
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.
ON BEHALF OF THE BOARD,
INTERNATIONAL NORTHAIR MINES LTD.
Per: “Fred G. Hewett”
Fred G. Hewett, P.Eng.
President & C.E.O.
FOR MORE INFORMATION CONTACT THE COMPANY AT 1-604-687-7545 or Toll Free at 1-888-338-2200
Website: www.internationalnorthair.com Email: [email protected]
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press 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 the Company’s Sedar filings for a more detailed discussion of factors that may impact expected results.