US-based silver producer Coeur d’Alene on Monday said it had subscribed to 10.75-million units of minerals explorer International Northair Mines to the value of C$3.01-million.
Each unit comprises one previously unissued Northair common share and a purchase warrant for half a share.
Each whole warrant would entitle Coeur to acquire one share at an exercise price of 40 Canadian cents at any time during the next 18 months, however, an accelerated exercise provision would apply if the share price of Northair closes at 85 Canadian cents for ten consecutive trading days.
Coeur said it now owns and controls 10.75-million shares, representing about 13.1% of the issued and outstanding shares in Northair, as well as 10.75-million warrants, representing about 85.7% of the company's issued and outstanding warrants. On a fully-diluted basis, this represents ownership and control of 18.2% of all the issued and outstanding shares of Northair.
Northair is focused on acquiring and developing gold and silver properties in Mexico and is currently drilling its La Cigarra and Sierra Rosario projects in Mexico.
Coeur operates the San Bartolomé silver mine, in Bolivia, the Palmarejo silver and gold mine, in Mexico, the Martha silver and gold mine, in Argentina, and the Kensington gold mine, in Alaska.
Edited by: Creamer Media Reporter