Integra Resources Closes US$23 Million Bought Deal Financing
September 14 2020 - 8:49AM
Integra Resources Corp. (“Integra” or the “Company”)
(TSX-V:ITR; NYSE American:ITRG) is pleased to announce
that it has closed its previously announced bought deal financing
(the “Offering”). Pursuant to the Offering, Integra issued
6,785,000 common shares of the Company (the “Common Shares”),
including 885,000 Common Shares issued in connection with the
exercise in full of the over-allotment option granted to the
Underwriters (as defined below) in connection with the Offering, at
a price of US$3.40 per Common Share for gross proceeds of
US$23,069,000.
The Offering was completed through a syndicate
of underwriters led by Raymond James Ltd., and including Cormark
Securities Inc., National Bank Financial Inc., PI Financial Corp.,
Roth Capital Partners, LLC, and Stifel Nicolaus Canada Inc.
(collectively the “Underwriters”). The Underwriters received
a cash commission equal to 5.5% 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 and Coeur Mining, Inc.,
for which a 2.75% cash commission was paid). The Company also
paid a 3% finder’s fee in connection with certain purchasers from
the president’s list.
Coeur Mining, Inc., which held approximately
4.8% of the issued and outstanding common shares of Integra prior
to the Offering, exercised its participation right and has
additionally increased its ownership to approximately 5.6% through
the purchase of a total of 735,294 Common Shares in the
Offering.
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 filed a final prospectus
supplement (together with the Preliminary Supplement, the
“Supplements”) to its Base Shelf Prospectus on September 10, 2020.
The Supplements were filed with the securities regulatory
authorities in each of the provinces and territories of Canada,
except Quebec. The Supplements were also filed with the U.S.
Securities and Exchange Commission 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.
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 use of the net proceeds from the Offering; 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: 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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