Integra Resources Closes C$6.6 Million Strategic Placement With Coeur Mining
November 25 2019 - 3:30PM
Integra Resources Corp.
(“
Integra” or the
“
Company”
) (TSX-V:ITR;
OTCQX:IRRZF) is pleased to announce that today it has
closed its previously announced strategic placement with Coeur
Mining, Inc. (“
Coeur”) (NYSE:CDE) whereby Coeur
has invested C$6.6 million (US$5 million) in Integra by way of a
non-brokered private placement of common shares (the
“
Strategic Placement”).
Under the terms of the subscription agreement
between Integra and Coeur, Coeur purchased 5,760,236 common shares
of Integra (the “Strategic Placement Common
Shares”) at a price of C$1.15 per Strategic Placement
Common Share for gross proceeds of C$6,624,271. The Strategic
Placement Common Shares issued in the Strategic Placement are
subject to a four-month and a day hold period expiring March 26,
2020, as prescribed by applicable securities laws and TSX Venture
Exchange rules. In connection with the investment, Coeur and
Integra have entered into an Investor Rights Agreement which grants
Coeur the following:
- Participation rights to maintain pro-rata share ownership
interest for a two-year period; and
- The right to appoint two members to a newly created five-person
Technical Committee, which will be established to review ongoing
exploration and pre-development activities on the DeLamar Project
and other mineral properties that may be acquired in the future, so
long as Coeur continues to hold at least 2.4% of Integra’s share
capital.
The net proceeds from the Strategic Placement
will be used to fund exploration and pre-feasibility level study
expenditures at the DeLamar Project and for general corporate
purposes.
The Strategic Placement is subject to final
approval of the TSX Venture Exchange. The Company paid
approximately C$198,728 in advisory fees in connection with the
Strategic Placement. ON BEHALF OF THE BOARD OF
DIRECTORS
George SalamisPresident, CEO and
Director604-416-0576
Forward looking and other cautionary
statements
This news release contains “forward-looking
information” which may include, but is not limited to, statements
with respect to the activities, events or developments that the
Company expects or anticipates will or may occur in the future.
Forward-looking information in this news release includes
statements regarding the use of proceeds from the Strategic
Placement and obtaining final approval of the Strategic Placement
from the TSX Venture Exchange. Such forward-looking information is
often, but not always, identified by the use of words and phrases
such as “plans”, “expects”, “is expected”, “budget”, “scheduled”,
“estimates”, “forecasts”, “intends”, “anticipates”, or “believes”
or variations (including negative variations) of such words and
phrases, or state that certain actions, events or results “may”,
“could”, “would”, “might” or “will” be taken, occur or be
achieved.
These forward-looking statements, and any
assumptions upon which they are based, are made in good faith and
reflect our current judgment regarding the direction of our
business. Management believes that these assumptions are
reasonable. Forward-looking information involves known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
information. Such factors include, among others, risks related to
the speculative nature of the Company’s business, the Company’s
formative stage of development and the Company’s financial
position.
Forward-looking statements contained herein are
made as of the date of this news release and the Company disclaims
any obligation to update any forward-looking statements, whether as
a result of new information, future events or results, except as
may be required by applicable securities laws. There can be no
assurance that forward-looking information will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
information.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
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