RE:ICG sells nearly half of it's Eastmain shares ntegra Gold Corp. Sells 7,000,000 Shares of Eastmain Resources Inc.
6:30 am ET October 27, 2016 (Market Wire) Print
VANCOUVER, BC--(Marketwired - October 27, 2016) - Integra Gold Corp. (TSX VENTURE: ICG) (OTCQX: ICGQF)("Integra" or the "Company") announces that on October 26, 2017 it sold 7,000,000 common shares ("Shares") of Eastmain Resources Inc. ("Eastmain") through the facilities of the Chi-x alternative trading system. Integra sold the Shares at a price of $0.75 per Share (the "Sale"), representing aggregate gross proceeds to Integra of $5,250,000. The transaction represented the sale of approximately 4% of Eastmain's issued share capital.
Prior to the Sale Integra held 15,900,000 common shares and 6,400,000 share purchase warrants, representing 9% of issued Shares on an undiluted basis and 12% on a partially diluted basis assuming the exercise of the warrants. Following the Sale, Integra holds 8,900,000 Shares representing just over 5% of the issued Shares (approximately 8% of issued Shares on a partially diluted basis assuming the exercise of the warrants). Integra will continue to retain all of the rights granted to it under its May 11, 2016 Investor Rights Agreement with Eastmain so long as it maintains an equity position of 5% or more in Eastmain's issued share capital.
Integra reviews its holdings from time to time and may increase or decrease its position as future circumstances may dictate. Integra, after reviewing market and other conditions, decreased its holdings in Eastmain pursuant to this transaction.
This news release is being issued in accordance with National Instrument 62-103 -- The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. An early warning report respecting the Sale will be filed on the System for Electronic Document Analysis and Review ("SEDAR") at www.sedar.com under Eastmain's issuer profile. To obtain a copy of the early warning report filed by the Company, please contact Chris Gordon at 604-629-0891 or refer to the SEDAR at www.sedar.com under Eastmain's issuer profile.
ON BEHALF OF THE BOARD OF DIRECTORS
Stephen de Jong CEO & President