Integra Resources Announces C$6.6 Million Strategic Placement With Coeur Mining and Concurrent C$15.0 Million Bought Deal Fin...
November 14 2019 - 4:35PM
Integra Resources Corp. (“Integra” or the “Company”)
(TSX-V:ITR; OTCQX:IRRZF) is pleased to announce that it
intends to raise C$21.6 million via a C$6.6 million non-brokered
placement of common shares (the “Strategic Placement”) with Coeur
Mining, Inc. (“Coeur”) (NYSE:CDE) at a price of C$1.15 per
Strategic Placement Common Share, and a concurrent C$15.0 million
bought deal public offering (the “Public Offering”) of common
shares (the “Public Offering Common Shares”) of the Company at a
price of C$1.15 per Public Offering Common Share (the “Issue
Price”).
C$6.6 Million Strategic Placement with
Coeur
The Strategic Placement with Coeur will consist
of the issuance of C$6.6 million in common shares at a price of
C$1.15 per share on a private placement basis. The common shares
issued in the Strategic Placement will be subject to a four month
hold period from the date of issue. In connection with the
investment, Coeur and Integra will enter into an Investor Rights
Agreement which will grant to Coeur the following:
- Participation rights to maintain
pro rata share ownership interest for a two-year period;
- The right to appoint two members to
a newly created five person Technical Committee, which will be
established to review ongoing exploration and pre-development
activities on the DeLamar Project and other mineral properties that
may be acquired in the future, so long as Coeur continues to hold
at least 3% of Integra’s share capital.
C$15.0
Million Bought Deal Public Offering
Raymond James Ltd. is acting as lead underwriter
and sole bookrunner under the Public Offering on behalf of a
syndicate of underwriters (the “Underwriters”). The Public Offering
Common Shares will be offered by way of a short form prospectus to
be filed in each of the provinces of Canada, with the exception of
the province of Quebec, by way of a private placement in the United
States pursuant to an exemption from the registration requirements
of the United States Securities Act of 1933, as amended (the “1933
Act”), and in those jurisdictions outside of Canada and the United
States which are agreed to by the Company and the Underwriters,
where the Public Offering Common Shares can be issued on a private
placement basis, exempt from any prospectus, registration or other
similar requirements.
The Company has agreed to grant the Underwriters
an over-allotment option to purchase up to an additional 15% of
Public Offering Common Shares under the Public Offering at the
Issue Price, exercisable in whole or in part at any time for a
period ending 30 days from the closing of the Offering. In the
event the over-allotment option is exercised in full, the aggregate
gross proceeds of the Public Offering will be approximately C$17.2
million.
The net proceeds from the offerings will be used
to fund exploration and pre-feasibility level study expenditures at
the DeLamar Project and for general corporate purposes.
The Public Offering is expected to close on or
about December 4th, 2019, and the Strategic Placement is expected
to close on or about November 25th, 2019. The Public Offering and
Strategic Placement are subject to certain conditions including,
but not limited to, the receipt of all necessary approvals,
including the approval of the TSX Venture Exchange.
The securities have not been, and will not be,
registered under the 1933 Act, as amended, or any U.S. state
securities laws, and may not be offered or sold in the United
States without registration under the 1933 Act and all applicable
state securities laws or compliance with the requirements of an
applicable exemption therefrom. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy
securities in the United States, nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful. ON BEHALF OF THE
BOARD OF DIRECTORS
George SalamisPresident, CEO and
Director604-416-0576
Forward looking and other cautionary
statements
This news release contains “forward-looking
information” which may include, but is not limited to, statements
with respect to the activities, events or developments that the
Company expects or anticipates will or may occur in the future.
Forward-looking information in this news release includes
statements regarding the use of proceeds from the Offering. Such
forward-looking information is often, but not always, identified by
the use of words and 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.
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 and the Company’s financial
position.
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. 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.
Coeur Mining (NYSE:CDE)
Historical Stock Chart
From Mar 2024 to Apr 2024
Coeur Mining (NYSE:CDE)
Historical Stock Chart
From Apr 2023 to Apr 2024