Coeur d’Alene Mines Invests in International Northair Mines Ltd
July 13 2012 - 6:02PM
Business Wire
Coeur d’Alene Mines Corporation (“Coeur”) (NYSE: CDE) (TSX:
CDM) announced that it subscribed by way of an agreement with
International Northair Mines Ltd. (“Northair”) (TSXV: INM) for the
sale to Coeur of 10,750,000 units of Northair (“Units”) at a
purchase price of C$0.28 per unit, for total consideration of
C$3,010,000, as part of a private placement transaction of Northair
issuing in the aggregate 12,536,000 Units.
Each Unit consists of one previously unissued common share in
Northair (a “Share”) and one-half of one Share purchase warrant of
Northair (a “Warrant”). Each whole Warrant entitles Coeur to
acquire one Share at an exercise price of C$0.40 at any time during
the 18 months following the closing of the transaction. The
Warrants are subject to an accelerated exercise provision if the
share price of Northair closes at or above $0.85 for 10 or more
consecutive trading days.
With closing of the transaction, Coeur now owns and controls
10,750,000 Shares (representing approximately 13.1% of the issued
and outstanding Shares in Northair) and owns and controls
10,750,000 Warrants (representing approximately 85.7% of the issued
and outstanding Warrants in Northair). On a fully-diluted basis,
this represents ownership and control of 18.2% of all the issued
and outstanding Shares of Northair.
Northair is a mineral exploration company engaged in the
acquisition and development of gold and silver properties in
Mexico. Northair is currently drilling its La Cigarra and Sierra
Rosario projects in Mexico.
About Coeur
Coeur d’Alene Mines Corporation is the largest U.S.-based
primary silver producer and a growing gold producer. The Company
has three new, large precious metals mines generating significantly
higher production, sales and cash flow in continued strong metals
markets. In 2011, Coeur realized the first full year of production
and cash flow from all three of its new, 100%-owned mines: the San
Bartolomé silver mine in Bolivia, the Palmarejo silver-gold mine in
Mexico, and the Kensington gold mine in Alaska. In addition, the
Company began producing silver and gold from its long-time
Rochester in Nevada in the fourth quarter of 2011. The Company also
owns a non-operating interest in a low-cost mine in Australia, and
conducts ongoing exploration activities near its operations in
Argentina, Mexico, Alaska and Nevada. Additional information can be
accessed through the Company’s website at www.coeur.com.
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