TSX-V accepted the financing This only means it has been approved on the TSX Venture side. Northair still needs to issue an NR to notify the market it is been closed off on Northair`s side. However, everything is likely in very good shape on Northair`s side as (I believe) company do not normally issue the documentation to TSX-V for approval unless the money was already in the bank and the documents were gathered.
There appears to be now about 21.8 million shares. The price is still $.28. Thus, it looks like the total financing could now be for about $6.1 million (prior to fees), up from $4.0 million. We will have to wait and see what is in the NR. Perhaps it was significantly oversubscribed.
It looks like Pinetree is picking up another million shares. It looks like there are 51 placees. Coeur is still picking up about 10.8 million shares. Wayne Johnstone (I think he is Northair`s finance guy) is picking up 100K. Catherine Seltzer is picking 100K also. She is the daughter of Don McLeod (board director and founder of Northair). Catherine is also one of the most successful mining women over the past couple of decades (especially the mine financing end). Thomas Seltzer picked up 355K also. Given the last name, I guess he is likely related to Catherine.
Again, the deal is not closed off until Northair issues an NR to the market with notification that it is closed off. Here is the piece pertaining to TSX-V`s acceptance, issued yesterday as part of the bigger TSX Venture Exchange Daily Bulletins Report:
``INTERNATIONAL NORTHAIR MINES LTD. ("INM")
BULLETIN TYPE: Private Placement-Non-Brokered
BULLETIN DATE: June 28, 2012
TSX Venture Tier 1 Company
TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced June 11, 2012:
| Number of Shares: | | | | | | 21,784,344 shares | | | | |
| | | | | | | | | | | |
| Purchase Price: | | | | | |
.28 per share | | | | |
| | | | | | | | | | | |
| Warrants: | | | | | | 10,892,172 share purchase warrants to purchase 10,892,172 shares | | | | |
| | | | | | | | | | | |
| Warrant Exercise Price: | | | | | |
.40 for an 18 month period, subject to an acceleration clause. | | | | |
| | | | | | | | | | | |
| Number of Placees: | | | | | | 51 placees | | | | |
| | | | | | | | | | | |
| Insider / Pro Group Participation: | | | | | | | | | | |
| | | | | | | | | | | |
Name | | | | | | Insider=Y /
ProGroup=P / | | | |
# of Shares |
Frank Stronach
John Wheeler
Catherine Seltzer
Thomas Seltzer
David Taylor
Pinetree Resource Partnership
(Sheldon Inwentash)
Wayne Johnstone
Ross Henderson
Couer D'Alene Mines Corp. | | | | | | P
P
P
P
P
Y
Y
P
Y | | | | 80,000
570,000
100,000
355,000
20,000
1,000,000
100,000
50,000
10,750,000 |
| | | | | | | | | | | |
Finders' Fees:
| | | | | | Haywood Securities Inc. $78,400 cash and 280,000 Broker warrants payable.
Canaccord Genuity Corp $8,625 cash and 30,800 Broker warrants payable.
Pope & Company Limited $392 cash and 1,400 Broker warrants payable. |
| | | | | | | - Each Broker warrant is exercisable into one common share at
.50 for 18 months from closing. |
Pursuant to Corporate Finance Policy 4.1, Section 1.11(d), the Company must issue a news release announcing the closing of the private placement and setting out the expiry dates of the hold period(s). The Company must also issue a news release if the private placement does not close promptly. [Note that in certain circumstances the Exchange may later extend the expiry date of the warrants, if they are less than the maximum permitted term.]``