IKN

untune that string and hark

Integra Resources (ITR.v) and a Coeur placement and a bought deal

This is an excellent deal for Integra Resources (ITR.v) and raises my fawning fanboy bromance admiration for George Salamis, ITR’s dashingly handsome CEO, one notch higher. It’s like being a competent club player and watching a chess grandmaster, after a while you get a feel for how many moves ahead of you he thinks.

VANCOUVER, British Columbia, Nov. 14, 2019 (GLOBE NEWSWIRE) — Integra Resources Corp. (“Integra” or the “Company”) (TSX-V:ITR; OTCQX:IRRZF)
is pleased to announce that it intends to raise C$21.6 million via a
C$6.6 million non-brokered placement of common shares (the “Strategic
Placement”) with Coeur Mining, Inc. (“Coeur”) (NYSE:CDE)
at a price of C$1.15 per Strategic Placement Common Share, and a
concurrent C$15.0 million bought deal public offering (the “Public
Offering”) of common shares (the “Public Offering Common Shares”) of the
Company at a price of C$1.15 per Public Offering Common Share (the
“Issue Price”).

C$6.6 Million Strategic Placement with Coeur
The
Strategic Placement with Coeur will consist of the issuance of C$6.6
million in common shares at a price of C$1.15 per share on a private
placement basis. The common shares issued in the Strategic Placement
will be subject to a four month hold period from the date of issue. In
connection with the investment, Coeur and Integra will enter into an
Investor Rights Agreement which will grant to Coeur the following:
  • Participation rights to maintain pro rata share ownership interest for a two-year period;
  • The
    right to appoint two members to a newly created five person Technical
    Committee, which will be established to review ongoing exploration and
    pre-development activities on the DeLamar Project and other mineral
    properties that may be acquired in the future, so long as Coeur
    continues to hold at least 3% of Integra’s share capital.
C$15.0 Million Bought Deal Public Offering
Raymond James Ltd. is acting as lead underwriter and sole bookrunner under the Public Offering on behalf of continues here
Disclosure: I am long ITR, nicely in the green on the trade so far (thanks for asking), not selling anytime soon no matter what happens in 2019.

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