VANCOUVER - Integra Resources Corp. (TSXV: ITR) (NYSE: ITRG), a mining company, has announced a "bought deal" financing agreement to raise approximately C$13 million in gross proceeds. The deal involves the sale of 14,445,000 units at C$0.90 per unit.
Each unit is comprised of one common share and a half warrant, with each full warrant allowing the purchase of an additional common share at C$1.20 within a 36-month period following the offering's close.
The syndicate of underwriters also holds an option to buy up to an additional 15% of the units sold to manage market stabilization and potential over-allotments. This option can be exercised within 30 days after the offering's closing date.
Integra plans to allocate the net proceeds from this offering towards exploration and development of its DeLamar Project and Nevada North Project, as well as for working capital and general corporate purposes. The offering is expected to close around March 13, 2024, subject to necessary regulatory approvals, including that of the TSX Venture Exchange. Efforts will also be made to list the warrants on the TSXV.
The securities offered have not been registered under the U.S. Securities Act of 1933 and are not available for sale within the United States or to U.S. persons, barring applicable exemptions from registration requirements.
This financial move comes as part of the company's ongoing efforts to fund its mining projects and operations. The offering will be detailed in a prospectus supplement to the company's base shelf prospectus, available on SEDAR+.
The information in this article is based on a press release statement from Integra Resources Corp.
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