08:35:12 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Integra Gold Corp
Symbol ICG
Shares Issued 361,072,069
Close 2016-02-10 C$ 0.365
Market Cap C$ 131,791,305
Recent Sedar Documents

Integra Gold closes $15.97M, $2.55M financings

2016-02-11 09:52 ET - News Release

Mr. Stephen de Jong reports

INTEGRA GOLD CORP. ANNOUNCES CLOSING OF $15.98 MILLION BOUGHT DEAL FINANCING AND $2.56 MILLION PRIVATE PLACEMENT WITH ELDORADO GOLD CORPORATION

Integra Gold Corp. has closed the previously announced bought-deal offering of 31.95 million flow-through common shares, including partial exercise of the overallotment option, for gross proceeds of $15,975,000 by way of short form prospectus. The offering was led by Cormark Securities Inc., on behalf of a syndicate of underwriters including Paradigm Capital Inc., GMP Securities LP, Macquarie Capital Markets Canada Ltd., Beacon Securities Ltd., Haywood Securities Inc. and Mackie Research Capital Corp.

The proceeds received by the company from the sale of the flow-through shares will be used to incur Canadian exploration expenditures that are flow-through mining expenditures (as such terms are defined in the Income Tax Act (Canada)) on the company's Quebec mineral claims and mining concessions, which will be renounced to the subscribers with an effective date no later than Dec. 31, 2016, in the aggregate amount of not less than the total amount of the gross proceeds raised from the issue of flow-through shares under the offering.

The company is pleased to also announce the closing of its previously announced private placement with Eldorado Gold Corp., whereby Eldorado has invested approximately $2.56-million in Integra by way of a non-brokered private placement of common shares of Integra.

Under the terms of a share purchase agreement between Integra and Eldorado dated Feb. 1, 2016, Eldorado purchased 8,111,895 common shares of Integra at a price of 31.5 cents per Eldorado share for gross proceeds of $2,555,246.93. The Eldorado shares issuable pursuant to the private placement are subject to a statutory four-month hold period expiring June 12, 2016. The net proceeds received by the company from the private placement will be used for continued exploration on the company's Lamaque project and general working capital.

Following the close of the offering and the private placement, the company's cash position is approximately $33-million.

Eldorado now owns 60,170,095 common shares in the capital of Integra, constituting 15 per cent of the outstanding common shares on an undiluted basis following the closing of the private placement and the offering. Eldorado acquired the Eldorado shares for investment purposes and may acquire further common shares or dispose of its holdings of common shares both as investment conditions warrant. To obtain a copy of the early warning report to be filed by Eldorado in connection with the private placement, please contact Krista Muhr at 604-687-4018 on 1188-550 Burrard St., Vancouver, B.C., V6C 2B5.

We seek Safe Harbor.

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