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.
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.