Deal consists of two types of units with one-year attached warrants
By Devika Patel
Knoxville, Tenn., Dec. 15 - Integra Gold Corp. said it settled a C$5.75 million private placement of units on Nov. 25. The deal priced for C$5 million with a 15% greenshoe on Nov. 28.
The company sold 1,875,000 non-flow-through units of one common share and one half-share warrant at C$0.40 per unit along with 10 million flow-through units of one flow-through common share and one half-share warrant at C$0.50 per unit.
The whole warrants are each exercisable at C$0.65 for one year. The strike price reflects a 62.5% premium to the Nov. 24 closing share price of C$0.40.
The deal was conducted by Industrial Alliance Securities Inc. on a best-efforts basis.
Proceeds will be used for exploration, expenditures at the Lamaque property and working capital.
"With the closing of this financing, Integra is now able to aggressively pursue its objective of adding gold resources to its inventory, enhancing resource category and developing zones which demonstrate open pit potential," president and chief executive officer John de Jong said in a press release. "The company is in the process of finalizing its 2012 drill plan for the Lamaque Gold Project, additional details of which will be released when completed. We look forward to the pending resource estimate for the Sixteen Zone and the anticipated updates on existing resource estimates in 2012 and believe this placement will help us reach our short-term objective of one million gold ounces quickly."
Based in Vancouver, B.C., Integra is a gold and diamond exploration company.
| Issuer: | Integra Gold Corp.
|
| Issue: | Non-flow-through units of one common share and one half-share warrant, flow-through units of one flow-through common share and one half-share warrant.
|
| Amount: | C$5.75 million (including C$750,000 greenshoe)
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.65
|
| Agent: | Industrial Alliance Securities Inc.
|
| Pricing date: | Nov. 25
|
| Settlement date: | Dec. 15
|
| Stock symbol: | TSX Venture: ICG
|
| Stock price: | C$0.39 at close Nov. 25
|
| Market capitalization: | C$14.68 million
|
|
|
| Non-flow-through units
|
| Amount: | C$750,000
|
| Units: | 1,875,000
|
| Price: | C$0.40
|
|
|
| Flow-through units
|
| Amount: | C$5 million
|
| Units: | 10 million
|
| Price: | C$0.50
|
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