Integra Closes Upsized Bought Deal Offering with Full Exercise of over-Allotment Option FOR Gross Proceeds of Approximately C$15 Million
INTEGRA CLOSES UPSIZED BOUGHT DEAL OFFERING WITH FULL
EXERCISE OF OVER-ALLOTMENT OPTION FOR GROSS PROCEEDS OF
APPROXIMATELY C$15 MILLION
TSXV: ITR; NYSE American: ITRG
www.integraresources.com
VANCOUVER, BC
,
March 13, 2024
/CNW/ -
Integra Resources Corp.
("
Integra
" or the "
Company
") (TSXV: ITR) (NYSE American: ITRG) is pleased to
announce the completion of its previously announced bought deal public offering, pursuant to which the Company issued a total of 16,611,750 units (the "
Units
"),
including the full exercise of the over-allotment option by the Underwriters (as defined below), at a price of
C$0.90
per Unit (the "
Offering Price
") for aggregate
gross proceeds of
C$14,950,575
(the "
Offering
").
Each Unit consists of one common share of the Company (a "
Common Share
") and one-half of one Common Share purchase warrant (each whole Common
Share purchase warrant, a "
Warrant
"). Each Warrant entitles the holder thereof to purchase one Common Share at an exercise price of
C$1.20
for a period of 36
months from the closing of the Offering.
The Offering includes an investment made into Integra from a new strategic corporate entity as well as support from current shareholders Beedie Investments
Ltd. and Wheaton Precious Metals Corp.
The Offering was completed pursuant to an underwriting agreement dated
March 7, 2024
entered into among the Company and a syndicate of underwriters led
by Cormark Securities Inc., and including BMO Nesbitt Burns Inc., Desjardins Securities Inc., Eight Capital, PI Financial Corp., Raymond James Ltd. and Stifel
Nicolaus Canada Inc. (collectively, the "
Underwriters
"). The Company paid the Underwriters a cash fee of 6% of the aggregate gross proceeds of the Offering,
other than in respect of the purchasers on the president's list, for which a cash fee of 3% was paid.
The Company intends to use the net proceeds from the Offering to fund exploration and development expenditures at the DeLamar Project, the Nevada North
Project, and for working capital and general corporate purposes.
The Offering was conducted by way of a prospectus supplement dated
March 7, 2024
(the "
Prospectus Supplement
") to the Company's existing base shelf
prospectus dated
January 16, 2024
(the "
Base Shelf Prospectus
") in each of the provinces and territories of
Canada
(other than the province of
Quebec
). The
Prospectus Supplement (together with the Base Shelf Prospectus) is available on SEDAR+ at
www.sedarplus.ca
.
The Offering remains subject to the final approval of the TSX Venture Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in
the United States
. The securities have not been
registered under United States Securities Act of 1933, as amended (the "
U.S. Securities Act
"), or any state securities laws and may not be offered or sold within
the United States
, or to, or for the account or benefit of, U.S. Persons (as defined in Regulation S under the U.S. Securities Act), absent such registration or an
applicable exemption from such registration requirements.
Company Webinar
The Company is pleased to host a corporate update webinar on
Thursday, March 14, 2024
at
11:00am PST
/
2:00pm EST
. The webinar will feature a presentation
from Integra's President, CEO and Director,
Jason Kosec
, as well as a live Q&A session. A recording of the webinar will be available on Integra's corporate
website. To register for the webinar, please use the following link:
https://us02web.zoom.us/webinar/register/WN_SY-uNxuWR12DXx-9Y8kpSA
About Integra
Integra is one of the largest precious metals exploration and development companies in the Great Basin of the
Western USA
. Integra is currently focused on
advancing its two flagship oxide heap leach projects: the past producing DeLamar Project located in southwestern
Idaho
and the Nevada North Project, comprised
of the Wildcat and Mountain View deposits, located in northwestern
Nevada
. The Company also holds a portfolio of highly prospective early-stage exploration
projects in
Idaho
,
Nevada
, and
Arizona
. Integra's long-term vision is to become a leading
USA
focused mid-tier gold and silver producer.
ON BEHALF OF THE BOARD OF DIRECTORS
Jason Kosec
President, CEO and Director
Some statements ("
forward-looking statements
") in this news release contain forward-looking information concerning plans related to Integra's business and
other matters that may occur in the future, made as of the date of this news release including, but not limited to, the Offering; the use of proceeds thereof.
Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to
differ from those expressed or implied by the forward-looking statements. Such factors include, among others, risks related to legislative and/or regulatory
changes; actual results and timing of exploration and development, mining, environmental services and remediation and reclamation activities; future prices of
silver, gold, lead, zinc and other commodities; possible variations in mineral resources, grade or recovery rates; failure of plant, equipment or processes to
operate as anticipated; accidents, labour disputes and other risks of the mining industry; Native American rights and title; continued capitalization and
commercial viability; global economic conditions; competition; and delays in obtaining governmental approvals or financing or in the completion of
development activities. Forward-looking statements are based on certain assumptions that management believes are reasonable at the time they are made. In
making the forward-looking statements included in this news release, Integra has applied several material assumptions, including, but not limited to, the
assumptions; that Integra will be able to raise additional capital as necessary, that the proposed exploration and development activities will proceed as planned,
and that market fundamentals will result in sustained silver, gold, lead and zinc demand and prices. There can be no assurance that forward-looking
statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Integra expressly
disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise,
except as otherwise required by applicable securities legislation.
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 news release.
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SOURCE
Integra Resources Corp.
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For further information:
Corporate Inquiries: [email protected], Company website: www.integraresources.com, Office phone: 1 (604) 416-0576
CO: Integra Resources Corp.
CNW 09:59e 13-MAR-24