TSXV: ITR; NYSE American:
ITRG
www.integraresources.com
VANCOUVER, BC, March 5,
2024 /PRNewswire/ - Integra Resources Corp.
("Integra" or the "Company") (TSXV: ITR)
(NYSE American: ITRG) is pleased to announce that it has entered
into an agreement with a syndicate of underwriters (the
"Underwriters"), pursuant to which the Underwriters have
agreed to purchase, on a "bought deal" basis, 11,112,000 units (the
"Units") of the Company at a price of C$0.90 per Unit (the "Offering Price") for
gross proceeds of approximately C$10
million (the "Offering").
Each Unit will consist of one common share of the Company (a
"Common Share") and one-half of one Common Share purchase
warrant (each whole Common Share purchase warrant, a
"Warrant"). Each Warrant will entitle the holder thereof to
purchase one Common Share at an exercise price of C$1.20 for a period of 36 months from the closing
of the Offering.
The Underwriters also have an option to purchase that number of
additional Units equal to 15% of the number of Units sold pursuant
to the Offering at Offering Price, for market stabilization
purposes and to cover over-allotments for a period expiring 30 days
after the date of closing.
The Company intends to use the net proceeds from the Offering to
fund exploration and development expenditures at the DeLamar
Project, the Nevada North Project, and for working capital and
general corporate purposes.
The Offering will be qualified by way of a prospectus supplement
(the "Prospectus Supplement") to the Company's existing base
shelf prospectus (the "Base Shelf Prospectus") in each of
the provinces and territories of Canada (other than the province of
Quebec). The Prospectus Supplement
(together with the Base Shelf Prospectus) will be available on
SEDAR+ at www.sedarplus.ca.
Closing is expected on or about March 13,
2024 and is subject to TSX Venture Exchange (the
"TSXV") and other necessary regulatory approvals. The
Company will also use its best efforts to list the Warrants on the
TSXV.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States. The securities
have not been registered under United States Securities Act of
1933, as amended (the "U.S. Securities Act"), or any state
securities laws and may not be offered or sold within the United States, or to, or for the account
or benefit of, U.S. Persons (as defined in Regulation S under the
U.S. Securities Act), absent such registration or an applicable
exemption from such registration requirements.
ON BEHALF OF THE BOARD OF DIRECTORS
Jason Kosec
President, CEO and Director
Some statements ("forward-looking statements") in this
news release contain forward-looking information concerning plans
related to Integra's business and other matters that may occur in
the future, made as of the date of this news release including
closing of the Offering and the use of proceeds thereof; and
listing of the Warrants on the TSXV. Forward-looking statements are
subject to a variety of known and unknown risks, uncertainties and
other factors which could cause actual events or results to differ
from those expressed or implied by the forward-looking statements.
Such factors include, among others, risks related to regulatory
approval of the Offering and legislative and/or regulatory changes;
actual results and timing of exploration and development, mining,
environmental services and remediation and reclamation activities;
future prices of silver, gold, lead, zinc and other commodities;
possible variations in mineral resources, grade or recovery rates;
failure of plant, equipment or processes to operate as anticipated;
accidents, labour disputes and other risks of the mining industry;
Native American rights and title; continued capitalization and
commercial viability; global economic conditions; competition; and
delays in obtaining governmental approvals or financing or in the
completion of development activities. Forward-looking statements
are based on certain assumptions that management believes are
reasonable at the time they are made. In making the forward-looking
statements included in this news release, Integra has applied
several material assumptions, including, but not limited to, the
assumptions that all regulatory approvals of the Offering will be
obtained and all conditions precedent to completion of the Offering
will be fulfilled in a timely manner; that Integra will be able to
raise additional capital as necessary, that the proposed
exploration and development activities will proceed as planned, and
that market fundamentals will result in sustained silver, gold,
lead and zinc demand and prices. There can be no assurance that
forward-looking statements will prove to be accurate and actual
results and future events could differ materially from those
anticipated in such statements. Integra expressly disclaims any
intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events
or otherwise, except as otherwise required by applicable
securities legislation.
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 news release.
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SOURCE Integra Resources Corp.