Mr. Jason Kosec reports
INTEGRA COMPLETES SHARE CONSOLIDATION
Further to its May 23, 2023, press release, Integra Resources Corp. has completed the proposed consolidation of its common shares on the basis of one new postconsolidation common share for every 2.5 existing preconsolidation common shares.
The consolidation reduces the number of outstanding common shares from 171,943,828 to approximately 68,777,531. Proportionate adjustments have been made to the company's outstanding stock options, restricted share units and deferred share units. No fractional common shares will be issued pursuant to the consolidation and any fractional common shares that would have otherwise been issued will be rounded to the nearest whole common share.
A letter of transmittal with respect to the consolidation will be mailed to the company's registered shareholders. All registered shareholders will be required to send their certificate(s) or direct registration system advices (DRS advices) representing preconsolidation common shares, along with a properly executed letter of transmittal, to the company's registrar and transfer agent, TSX Trust Company, in accordance with the instructions provided in the letter of transmittal. Shareholders who hold their common shares through a broker, investment dealer, bank or trust company should contact that nominee or intermediary for their postconsolidation positions. A copy of the letter of transmittal is filed on the company's issuer profile on SEDAR.
It is anticipated that the postconsolidation common shares will commence trading on the TSX Venture Exchange and the NYSE American under its new Cusip number 45826T509 (ISIN CA45826T5098) at market open May 26, 2023. The trading symbol for the company's shares on the TSX-V will remain ITR and the trading symbol for the company's shares on the NYSE American will remain ITRG.
Pursuant to the court-approved plan arrangement in connection with the at-market merger of Integra and Millennial Precious Metals Corp., each Millennial warrant to purchase common shares will, upon the exercise of such rights, entitle the holder thereof to be issued and receive for the same aggregate consideration, upon such exercise, in lieu of the number of Millennial common shares to which such holder was theretofore entitled upon exercise of such Millennial warrants, the kind and aggregate number of common shares that such holder would have been entitled to be issued and receive if, immediately prior to the effective time of the arrangement, such holder had been the registered holder of the number of Millennial shares to which such holder was theretofore entitled upon exercise of such Millennial warrants. All other terms governing the warrants, including, but not limited to, the expiry date, exercise price, and the conditions to and the manner of exercise, will be the same as the terms that were in effect immediately prior to the effective time of the arrangement, and shall be governed by the terms of the applicable warrant instruments. Pursuant to the consolidation, proportionate adjustments have been made to the aggregate number of common shares that such holder is entitled to upon exercise of such Millennial warrants and to the exercise price of the Millennial warrants.
Prior to the completion of the arrangement, Millennial had outstanding a class of Millennial warrants listed on the TSX-V under the trading symbol MPM.WT. The listed Millennial warrants will continue trading on the TSX-V as Millennial warrants, under their existing trading symbol, and will remain listed on the TSX-V until the earliest to occur of their exercise, expiry or delisting. Pursuant to the consolidation, the exercise price of the listed Millennial warrants has been adjusted from 55 cents to $1.375 and every one listed Millennial warrant is now exercisable to acquire 0.092 of a common share.
As required by the warrant indenture in respect of the listed Millennial warrants, Integra has entered into a supplemental warrant indenture in respect of such warrant indenture governing the listed Millennial warrants. A copy of the supplemental warrant indenture is available on Millennial's and Integra's respective SEDAR profiles.
About Integra Resources Corp.
Integra is one of the largest precious metals exploration and development companies in the Great basin of the Western United States. Integra is currently focused on advancing its three flagship oxide heap leach projects: the past-producing DeLamar project located in southwestern Idaho and the Wildcat and Mountain View projects located in western 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.
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