Business
Integra Resources Closes Oversubscribed Overnight Marketed Offering for US$11 Million and Will Draw the US$10 Million Initial Advance on the US$20 Million Convertible Loan Facility With Beedie Capital
VANCOUVER, British Columbia, Aug. 04, 2022 (GLOBE NEWSWIRE) -- Integra Resources Corp. (“Integra” or the “Company”) (TSX-V: ITR; NYSE American: ITRG) is pleased
About this update from Integra Resources Corp
[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 04, 2022 (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 overnight marketed public offering (the \"Offering\"). Pursuant to the Offering, Integra issued 16,666,667 common shares of the Company (\"Shares\"), including 1,515,152 Shares issued in connection with the exercise of the over-allotment option granted to the Underwriters (as defined below) in connection with the Offering, at a price of US$0.66 per Share (the “Offering Price”) for gross proceeds of US$11 million. In connection with its convertible loan facility of up to US$20 million (the “Convertible Facility”) from Beedie Investments Ltd. (“Beedie Capital”), the Company will draw an initial advance of US$10 million (the “Initial Advance”) today, pursuant to the terms of the credit agreement between Integra and Beedie Capital dated July 28, 2022 (the “Credit Agreement”). Integra will use the net proceeds from the Initial Advance along with the net proceeds from the Offering to advance the development of the DeLamar Project towards the filing of the Plan of Operations, the completion of ~15,000 meters of shallow, oxide definition drilling, aimed at resource expansion for the proposed heap leach operation, and for working capital and general corporate expenses. “With both the Offering and Initial Advance complete, Integra now has the treasury to continue advancing DeLamar towards the Plan of Operations while demonstrating the gold-silver upside potential of the Project in the low-stockpiles and backfill left behind by previous operators. These stockpiles and backfill have the potential to add a number of years to the Company’s proposed heap leach operation in southwestern Idaho,” noted Integra President and CEO, George Salamis. “In addition to the Convertible Facility, Beedie Capital participated in the Offering and now owns an 8% equity stake in Integra, aligning itself with shareholders of the Company.” The Convertible Facility The Convertible Facility bears interest at a rate of 8.75% per annum on advanced funds and carries a standby fee equal to 2.00% per annum on the unadvanced portion of the Convertible Facility. Subject to the terms of the Credit Agreement, the Convertible Facility, including all subsequent a...