Coeur Mining Increases Investment in International Northair Mines Ltd.
July 22 2013 - 8:30AM
Business Wire
Coeur Mining, Inc. (“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 9,600,000 common shares (“Common Shares”) in the
capital of Northair at a purchase price of C$0.14 per Common Share,
for total consideration of C$1,344,000, as part of a private
placement transaction of Northair issuing, in the aggregate,
13,153,896 Common Shares and warrants to purchase 1,776,947 Common
Shares.
In connection with Coeur’s investment in Northair, and as part
of the consideration for the Common Shares, Coeur has agreed to the
cancellation of all warrants to purchase Common Shares previously
held by Coeur.
Upon closing of the transaction, Coeur will own and control
20,350,000 Common Shares, (representing approximately 19.40% of the
issued and outstanding Common Shares in Northair). On a
fully-diluted basis, this represents ownership and control of
19.08% of all the issued and outstanding Common Shares of Northair.
This change in its ownership represents the acquisition by Coeur of
Common Shares representing in excess of two percent of the
outstanding Common Shares. Coeur is acquiring the Common Shares and
is agreeing to cancel the Northair warrants for investment
purposes. Depending on market and other conditions, Coeur may, from
time to time, increase or decrease its ownership, control, or
direction over the Common Shares and/or other securities of
Northair.
About Coeur
Coeur Mining, Inc. is the largest U.S.-based primary silver
producer and a growing gold producer. The Company has four precious
metals mines in the Americas generating strong production, sales
and cash flow. Coeur produces from its wholly owned operations: the
Palmarejo silver-gold mine in Mexico, the San Bartolomé silver mine
in Bolivia, the Rochester silver-gold mine in Nevada and the
Kensington gold mine in Alaska. The Company also has a
non-operating interest in the Endeavor mine in Australia. In
addition, the Company has two silver-gold feasibility stage
projects – the La Preciosa project in Mexico and the Joaquin
project in Argentina. The Company also conducts ongoing exploration
activities in Mexico, Argentina, Nevada, Alaska and Bolivia. The
Company owns strategic investment positions in eight silver and
gold development companies with projects in North and South
America.
Coeur Mining, Inc.Bridget Freas, 312-268-5784Director,
Investor Relationswww.coeur.com
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