Integra Resources Closes US$23 Million Bought Deal Financing
Integra Resources Closes US$23 Million Bought Deal Financing
VANCOUVER, British Columbia, Sept. 14, 2020 (GLOBE NEWSWIRE) -- 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 Salamis
President, CEO and Director
CONTACT INFORMATION
Corporate inquiries: [email protected]
Office 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.