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Integra Resources Signs Agreement for US$20 M Convertible Debenture with Beedie Capital, Announces Concurrent Overnight Marketed Public Offering of Up to US$10 M with Lead Order from Beedie Capital
News Release Highlights: Integra has signed an agreement with Beedie Capital in respect of an up to US$20 million (“M”) convertible facility available in two tr
About this update from Integra Resources Corp
[{"type":"text","content":" News Release Highlights: Integra has signed an agreement with Beedie Capital in respect of an up to US$20 million (“M”) convertible facility available in two tranches. The US$10 M first tranche of the convertible debenture will be advanced at the closing of the convertible facility, while the second US$10 M tranche will be available upon submittal of an approved Mining Plan of Operations for the DeLamar gold-silver deposit in Idaho. The net proceeds of the US$10 M equity financing and the US$10 M first tranche of the convertible debenture will be used to advance the development of the DeLamar Project, complete ~15,000 meters of shallow, oxide definition drilling, aimed at resource expansion for the proposed heap leach operation and working capital and general corporate purposes. Beedie Capital, an existing shareholder of Integra Resources, provides lead order to purchase common shares of Integra, as part of an overnight marketed public offering of up to US$10 M (the “Offering”). Upon completion of the Offering, Beedie Capital would approximately own pro-forma 8% of Integra on a non-diluted basis, making it one of Integra’s largest shareholders, supporting future growth of the Company and the development of its DeLamar Project in Idaho. VANCOUVER, British Columbia, July 28, 2022 (GLOBE NEWSWIRE) -- Integra Resources Corp. (“Integra” or the “Company”) (TSX-V: ITR; NYSE American: ITRG) is pleased to announce the signing of a credit agreement with Beedie Investments Ltd. (“Beedie Capital” or the “Lender”) for a US$20,000,000 convertible debenture facility (the “Convertible Facility\"). The Company is also pleased to announce an over-night marketed public offering of up to US$10,000,000. The Offering is expected to be completed pursuant to an underwriting agreement to be entered into between the Company and Raymond James Ltd., as co-lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters co-led by Raymond James Ltd. (collectively, the “Underwriters ”). The price and number of common shares to be sold will be determined in the course of marketing. In addition, Integra will grant the Underwriters an over-allotment option (the “Over-Allotment Option”) exercisable, in whole or in part, in the sole discretion of the Underwriters, to purchase up to an additional 15% of the number of common shares sold in the Offerin...