Intl Northair Mines Ltd INNHF

RE:INM raises 4MM on royalty transaction...

[production05]

It`s good of Coeur to help us out in these difficult times, without squeezing us too badly. After Coeur purchased that royalty company late last year (or earlier this year), I had wondered if they would make a royalty investment into Northair. I figured a royalty deal would occur later in the process to fund the full feasibility phase (which can be expensive) or as part of the funding for plant development, but obviously, with brutal market conditions currently, the funds are needed right now. We get to keep our total issued and outstanding share count at 110 million, we get to keep the Coeur ownership in Northair at 20% (thus making a lowball takeover offer more difficult, and subsequently maintaining the exponential upside potential of La Cigarra for current Northair shareholders), we get to pay down our options and establish 100% ownership in our key property area, and we can finally get going with diamond and RC drilling again on our very promising drill targets.