TSXV: ITR; NYSE American: ITRG
www.integraresources.com
VANCOUVER, BC, March 13,
2024 /CNW/ - Integra Resources Corp.
("Integra" or the "Company") (TSXV: ITR) (NYSE
American: ITRG) is pleased to announce the completion of its
previously announced bought deal public offering, pursuant to which
the Company issued a total of 16,611,750 units (the
"Units"), including the full exercise of the over-allotment
option by the Underwriters (as defined below), at a price of
C$0.90 per Unit (the "Offering
Price") for aggregate gross proceeds of C$14,950,575 (the "Offering").
Each Unit consists 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 entitles 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 Offering includes an investment made into Integra from a new
strategic corporate entity as well as support from current
shareholders Beedie Investments Ltd. and Wheaton Precious Metals
Corp.
The Offering was completed pursuant to an underwriting agreement
dated March 7, 2024 entered into
among the Company and a syndicate of underwriters led by Cormark
Securities Inc., and including BMO Nesbitt Burns Inc., Desjardins
Securities Inc., Eight Capital, PI Financial Corp., Raymond James
Ltd. and Stifel Nicolaus Canada Inc. (collectively, the
"Underwriters"). The Company paid the Underwriters a
cash fee of 6% of the aggregate gross proceeds of the Offering,
other than in respect of the purchasers on the president's list,
for which a cash fee of 3% was paid.
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 was conducted by way of a prospectus supplement
dated March 7, 2024 (the
"Prospectus Supplement") to the Company's existing base
shelf prospectus dated January 16,
2024 (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) is available on SEDAR+ at
www.sedarplus.ca.
The Offering remains subject to the final approval of the TSX
Venture Exchange.
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.
Company Webinar
The Company is pleased to host a corporate update webinar on
Thursday, March 14, 2024 at
11:00am PST/2:00pm EST. The webinar will feature a
presentation from Integra's President, CEO and Director,
Jason Kosec, as well as a live
Q&A session. A recording of the webinar will be available on
Integra's corporate website. To register for the webinar, please
use the following
link: https://us02web.zoom.us/webinar/register/WN_SY-uNxuWR12DXx-9Y8kpSA
About Integra
Integra is one of the largest precious metals exploration and
development companies in the Great Basin of the Western USA. Integra is currently focused on
advancing its two flagship oxide heap leach projects: the past
producing DeLamar Project located in southwestern Idaho and the Nevada North Project, comprised
of the Wildcat and Mountain View deposits, located in northwestern
Nevada. The Company also holds a
portfolio of highly prospective early-stage exploration projects in
Idaho, Nevada, and Arizona. Integra's long-term vision is to
become a leading USA focused
mid-tier gold and silver producer.
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, but
not limited to, the Offering; the use of proceeds thereof.
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 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 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.
