Integra Resources Announces Closing of Oversubscribed Bought Deal Financing
December 04 2019 - 7:32AM
Integra Resources Corp. (“Integra” or the “Company”)
(TSX-V:ITR; OTCQX:IRRZF) is pleased to announce that it
has closed its previously announced bought deal financing,
including the exercise in full of the underwriters’ over-allotment
option. A total of 21,999,500 common shares (the “Common Shares”)
of the Company were sold at a price of $1.15 per Common Share, for
aggregate gross proceeds of $25,299,425 (the “Offering”).
The net proceeds from the financings will be
used to fund exploration and pre-feasibility level study
expenditures at the DeLamar Project and for general corporate
purposes.
George Salamis, President and CEO of Integra
Resources, commented, “The Company is very pleased with the outcome
of this oversubscribed financing. After materially growing the
resource base in 2019 on several fronts, and demonstrating robust
potential economics in our maiden PEA, we are ending the year with
one of the strongest treasuries amongst our development-stage peer
group. We now have all of the upcoming 2020 exploration and
advanced study plans fully financed, supported by a strong roster
of new shareholders which now includes Coeur Mining. We look
forward to a very active and exciting 2020 field season as we
aggressively pursue a sizeable amount of exploration drilling and
pre-feasibility level studies, in parallel.”
The Offering was made through a syndicate of
underwriters led by Raymond James Ltd., and including National Bank
Financial Inc., PI Financial Corp., Echelon Wealth Partners Inc.,
GMP Securities L.P. and Roth Capital Partners, LLC (the
“Underwriters”). The Underwriters received a cash commission equal
to 6% of the gross proceeds of the Offering (other than from the
issue and sale of the Common Shares to certain purchasers on a
president’s list, for which a 3% cash commission was paid). The
Company also paid finder’s fees in the amount of $98,019 in
conjunction with certain purchasers from the president’s list. The
Offering was completed by way of a short form prospectus filed in
all of the provinces of Canada, except Québec, and offered and sold
elsewhere outside of Canada on a private placement basis. This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
The securities have not been, and will not be,
registered under the United States Securities Act of 1933, as
amended (the “U.S. Securities Act”), or any U.S. state securities
laws, and may not be offered or sold in the United States without
registration under the U.S. Securities Act and all applicable state
securities laws or compliance with the requirements of an
applicable exemption therefrom. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy
securities in the United States, nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
About Integra Resources
Integra Resources is a development-stage mining
company focused on the exploration and de-risking of the past
producing DeLamar Gold-Silver Project in Idaho, USA. Integra
Resources is led by the management team from Integra Gold Corp.
which successfully grew, developed and sold the Lamaque Project, in
Quebec, for C$600 M in 2017. Since acquiring the DeLamar Project,
which includes the adjacent DeLamar and Florida Mountain gold and
silver Deposits, in late 2017, the Company has demonstrated
significant resource growth and conversion while providing a robust
economic study in its maiden Preliminary Economic Assessment. The
Company is currently focused on resource growth through brownfield
and greenfield exploration and the start of pre-feasibility level
studies designed to advance the DeLamar Project towards a potential
construction decision. For additional information, please reference
the “Technical Report and Preliminary Economic Assessment for the
DeLamar and Florida Mountain Gold – Silver Project, Owyhee County,
Idaho, USA (October 22, 2019).”
ON BEHALF OF THE BOARD OF
DIRECTORS
George SalamisPresident, CEO and Director
604-416-0576
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 Offering and 2020
exploration and financing. 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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