Integra Resources Corp. (“Integra” or the “Company”)
(TSX-V:ITR; NYSE American:ITRG) is pleased to announce
that it has entered into an agreement with a syndicate of
underwriters led by Raymond James Ltd. (the “Underwriters”),
pursuant to which the Underwriters have agreed to purchase, on a
bought deal basis, 5,900,000 common shares of the Company (the
“Common Shares”) at a price of US$3.40 per Common Share (the “Issue
Price”), for total gross proceeds of US$20,060,000 (the
“Offering”). The Company will also grant to the Underwriters an
over-allotment option (the “Over-Allotment Option”) to purchase up
to 885,000 additional Common Shares at the Issue Price. The
Over-Allotment Option will be exercisable in whole or in part at
any time for a period ending 30 days following the closing.
Coeur Mining, Inc., which currently holds
approximately 4.8% of the issued and outstanding Common Shares, has
indicated an interest in purchasing as a part of the Offering at
the Issue Price a number of Common Shares that allows it to
maintain its percentage ownership interest in the Company, in
accordance with its participation right.
The Company filed a preliminary prospectus
supplement on September 9, 2020 (the “Preliminary Supplement”) to
its short form base shelf prospectus dated August 21, 2020 (the
“Base Shelf Prospectus”). The Company intends to file a final
prospectus supplement (the “Final Supplement” and, together with
the Preliminary Supplement, the “Supplements”) to its Base Shelf
Prospectus on or about September 10, 2020. The Supplements will be
filed with the securities regulatory authorities in each of the
provinces and territories of Canada, except Quebec. The Supplements
will also be filed with the U.S. Securities and Exchange Commission
(“SEC”) as part of the Company’s Registration Statement on Form
F-10 (File No. 333-242483) in accordance with the
Multijurisdictional Disclosure System established between Canada
and the United States.
The Company intends to use the net proceeds to
fund exploration and pre-feasibility study expenditures at the
DeLamar Project and for working capital and general corporate
purposes.
The Offering is expected to close on or about
September 14, 2020, subject to customary closing conditions,
including receipt of all necessary approvals including the approval
of the TSX Venture Exchange and the NYSE American.
The Company has filed a registration statement
on Form F-10 with the SEC for the Offering to which this
communication relates. Before you invest, you should read the
registration statement, the Supplements and other documents the
Company has filed with the SEC for more complete information about
the Company and this Offering. You may get these documents for free
by visiting EDGAR on the SEC website at www.sec.gov or on the SEDAR
website at www.sedar.com. Alternatively, the Company, any
Underwriter or any dealer participating in the Offering will
arrange to send you the Supplements or you may request it from
Integra at 1050-400 Burrard Street, Vancouver, British Columbia,
Canada, V6C 3A6, telephone (604) 416-0576.
This news 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 province, state or jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to their registration or qualification under the securities laws of
any such province, state or jurisdiction. ON BEHALF OF THE
BOARD OF DIRECTORS
George SalamisPresident, CEO and Director
CONTACT INFORMATIONCorporate
inquiries: ir@integraresources.comOffice phone: 1-604-416-0576
Forward looking and other cautionary
statements
This news release contains “forward-looking
information” and “forward-looking statements” (collectively,
“forward-looking statements”) within the meaning of the applicable
Canadian and U.S. securities legislation. All statements, other
than statements of historical fact, are forward-looking statements
and are based on expectations, estimates and projections as at the
date of this news release. Any statement that involves discussion
with respect to predictions, expectations, beliefs, plans,
projections, objectives, assumptions, future events or performance
(often, but not always using 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) are not statements of
historical fact and may be forward-looking statements. In this news
release, forward-looking statements relate, among other things, to:
the filing of the Final Supplement; the completion of the Offering
and the use of the net proceeds therefrom; anticipated advancement
of mineral properties or programs; future operations; future growth
potential of Integra; and future development plans.
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: inability of the
Company to satisfy the conditions to closing the Offering; risks
related to the speculative nature of the Company’s business; the
Company’s formative stage of development; the impact of COVID-19 on
the timing of exploration and development work; the Company’s
financial position; possible variations in mineralization, grade or
recovery rates; actual results of current exploration activities;
actual results of reclamation activities; conclusions of future
economic evaluations; business integration risks; fluctuations in
general macroeconomic conditions; fluctuations in securities
markets; fluctuations in spot and forward prices of gold, silver,
base metals or certain other commodities; fluctuations in currency
markets (such as the Canadian dollar to United States dollar
exchange rate); change in national and local government,
legislation, taxation, controls regulations and political or
economic developments; risks and hazards associated with the
business of mineral exploration, development and mining (including
environmental hazards, industrial accidents, unusual or unexpected
formation pressures, cave-ins and flooding); inability to obtain
adequate insurance to cover risks and hazards; the presence of laws
and regulations that may impose restrictions on mining; employee
relations; relationships with and claims by local communities and
indigenous populations; availability of increasing costs associated
with mining inputs and labour; the speculative nature of mineral
exploration and development (including the risks of obtaining
necessary licenses, permits and approvals from government
authorities); and title to properties. Such factors are described
in detail in the Supplements and the documents incorporated by
reference in the Supplements.
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 and there may
be other factors that cause results not to be anticipated,
estimated or intended. 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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