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MarketScreener Homepage  >  Equities  >  TSX VENTURE EXCHANGE  >  International Northair Mines Ltd.    INM   CA4599301039

INTERNATIONAL NORTHAIR MINES LTD.

(INM)
SummaryNewsCompany 
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Northair Mines : Announces Increase in Non-Brokered Private Placement

08/25/2014 | 08:37pm EST

August 25, 2014

International Northair Mines Ltd. Announces Increase in Non-Brokered Private Placement

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES



International Northair Mines Ltd. (TSXV: INM) (the "Company" or "Northair") reports that due to increased interest that it intends to increase the size of the recently announced non-brokered private placement of August 7th, 2014. The financing, which originally planned to raise gross proceeds of $3,000,000, will now consist of up to 40,000,000 Units at a price of $0.10 per Unit, to raise gross proceeds of up to $4,000,000. Each Unit will consist of one Common Share and one Warrant. Each Warrant will entitle the holder to purchase one Common Share of the Company at a price of $0.18 per Common Share for a period of 18 months from the closing of the Private Placement and $0.25 per Common Share thereafter until the expiry of the Warrants three years following closing of the Private Placement.

The Warrants will have a forced exercise provision whereby, if the closing price for the Company's Common Shares is $0.55 or greater for a period of 10 consecutive trading days from a date beginning six months following the date of issue, and the Company so elects, the holders of Warrants will have 30 days to exercise their Warrants, otherwise, the Warrants will expire on the 31st day.

The net proceeds of the Private Placement will be used to advance the exploration and development of the flagship La Cigarra silver project in Chihuahua, Mexico and for general working capital purposes.

Closing of the Private Placement is anticipated to occur on or before September 4th, 2014 and is subject to receipt of applicable TSX Venture Exchange (the "Exchange") approval. All Common Shares issued pursuant to the Private Placement and Common Shares underlying the Warrants, will be restricted from trading for a period of four months and a day from the date of issuance of the Units in compliance with securities legislation and Exchange policies.

This news release does not constitute an offer to sell or a solicitation to buy the Common Shares in the United States. The Common Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act"), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements.

ON BEHALF OF THE BOARD,
INTERNATIONAL NORTHAIR MINES LTD.

"Brenda Nowak"
____________________________________

Corporate Secretary

For further information please contact Fred Hewett, President & CEO or
Chris Curran, Manager, Corporate Communications at 604-687-7545 or 1-888-338-2200
Website: www.internationalnorthair.com Email: info@northair.com


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 resource estimates, anticipated results and costs, discussions of goals and exploration results and the anticipated completion of the Private Placement 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, resources estimates, future anticipated resources and cost engineering estimate risks, geological factors and exploration results and risks that the Private Placement will not proceed to closing or will be delayed in closing or if it does proceed to closing, the risk that the Company will not be able to raise an aggregate of $4,000,000. See Northair's filings for a more detailed discussion of factors that may impact expected results.

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© Publicnow 2014
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Managers and Directors
NameTitle
Thomas H. Burkhart Independent Director
Antonio Reda Independent Director
Ryan Edmund Schedler Director
Chris Curran Manager-Investor Relations & Communications
David Ernst Vice President-Exploration
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