Business
Beedie Investments Limited Enters into Amendment of Convertible Loan Facility with Integra Resources Corp.
Vancouver, British Columbia--(Newsfile Corp. - February 28, 2023) - Beedie Investments Limited (t...
About this update from Integra Resources Corp
[{"type":"text","content":"Beedie Investments Limited Enters into Amendment of Convertible Loan Facility with Integra Resources Corp.Vancouver, British Columbia--(Newsfile Corp. - February 28, 2023) - Beedie Investments Limited (the \"Beedie\") has entered into an amendment to the credit agreement dated July 28, 2022 (the \"Credit Agreement\") with Integra Resources Corp. (\"Integra\") pursuant to which Beedie agreed to loan up to US$20 million (the \"Loan Facility\") to Integra. Beedie and Integra agreed to, conditional on the closing of the business combination transaction involving Integra and Millennial Precious Metals Corp. (the \"Transaction\"), amend the terms of the Loan Facility (the \"Amendment\") to: (i) modify the conversion price on the initial advance of US$10 million (the \"Initial Advance\") from Cdn$1.22 per common share (the \"Common Shares\") to a 35% premium to the issue price of Integra's bought deal private placement offering of subscription receipts (the \"Subscription Receipt Financing\"), which is anticipated to be issued at Cdn$0.70 per subscription receipt; and (ii) to increase the effective interest rate of the Loan Facility from 8.75% to 9.25 per annum on advanced funds, which interest continues to be accrued for the first twenty-four (24) months from the date of the Loan Facility, payable quarterly either in shares or in cash, at Integra's election. Beedie has provided their consent for the Transaction under the Loan Facility, subject to the satisfaction of certain conditions precedent by Integra including, amongst other things, the completion of the Subscription Receipt Financing and the Transaction. In connection with the foregoing, Integra also granted Beedie or any of its affiliates the right to participate in the Subscription Receipt Financing to purchase up to US$2 million of subscription receipts, at the option and sole discretion of Beedie.Immediately prior to entering into the Amendment and assuming conversion in full of the Initial Advance into Common Shares in accordance with the terms of the Credit Agreement at Cdn$1.22 per Common Share and using the Bank of Canada's Canadian dollar / U.S. dollar daily average exchange rate on February 24, 2023 of Cdn$1.3622/ US$1.00, Beedie, directly or indirectly, would own or control a total of 17,234,778 Common Shares, representing approximately 18.95% of the issued and outsta...