Integra Closes Oversubscribed Overnight Marketed Offering for $11

Integra Closes Oversubscribed Overnight Marketed Offering for $11


VANCOUVER, British Columbia, Aug. 4, 2022 (GLOBE NEWSWIRE) — Integra Resources Corp. (“Integra” or the “Company”) ITRITRG is pleased to announce that it has completed its previously announced overnight public offering (the “Offering”). Pursuant to the Offering, Integra has issued 16,666,667 common shares of the Company (“Shares”), including 1,515,152 Shares issued in connection with the exercise of the over-allotment option granted to the underwriters (as defined below) in connection with the Offering , at a price of $0.66 per share (the “Offer Price”) for gross proceeds of $11 million. In connection with its up to $20 million convertible loan facility (the “Convertible Facility”) from Beedie Investments Ltd. (“Beedie Capital”), the Company will draw an initial advance of US$10 million (the “Initial Advance”). today, pursuant to the terms of the credit agreement between Integra and Beedie Capital dated July 28, 2022 (the “Credit Agreement”). Integra will use the net proceeds of the initial advance along with the net proceeds of the Offering to advance the development of the DeLamar project toward the submission of the operational plan, the completion of ~15,000 meters of shallow oxide definition drilling targeting resource expansion for the proposed heap leach operation as well for working capital and general corporate expenses.

“With both the bid and initial advance completed, Integra now has the finances to continue advancing DeLamar toward the operating plan while demonstrating the project’s gold-silver upside potential in the low inventories and backfill experienced by previous ones operators were left behind. This inventory and backfill has the potential to add several years to the Company’s proposed heap leach operation in southwest Idaho,” noted George Salamis, President and CEO of Integra. “In addition to the convertible bond, Beedie Capital has participated in the offering and now owns it an 8% stake in Integra, bringing it to…

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