$.50 price set for now... News. Integra Gold Corp. Announces $15 Million Bought Deal Offering of Flow-Through Shares (ccnm)
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 21, 2016) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN
Integra Gold Corp. (TSX VENTURE:ICG)(OTCQX:ICGQF) ("Integra" or the "Company") is pleased to announce that it has entered into an agreement with Cormark Securities Inc., on behalf of a syndicate of underwriters (collectively, the "Underwriters"), to purchase 30,000,000 flow through shares ("Flow-Through Shares") of Integra (the "Offering") on a bought deal basis. The Flow-Through Shares shall be offered at a price of $0.50 per share for aggregate gross proceeds of $15 million. In addition, the Company has granted the Underwriters an option to purchase up to an additional 4,500,000 Flow-Through Shares, exercisable in whole or in part within 30 days after the closing of the Offering (the "Over-Allotment Option"), at the Offering Price, for market stabilization purposes and to cover over-allotments, if any, which would increase the gross proceeds of the Offering to approximately $17.25 million. The Offering Price represents a 58.7% premium over the closing price of the common shares on the TSX Venture Exchange on January 20, 2016.
The closing of the Offering is expected to occur on or about February 11, 2016 and is subject to the completion of formal documentation and receipt of regulatory approval, including the approval of the TSX Venture Exchange.
The proceeds received by the Company from the sale of the Flow-Through Shares will be used to incur Canadian exploration expenditures that are "flow-through mining expenditures" (as such terms are defined in the Income Tax Act (Canada)) on the Corporation's Qubec mineral concessions, which will be renounced to the subscribers with an effective date no later than December 31, 2016, in the aggregate amount of not less than the total amount of the gross proceeds raised from the issue of Flow-Through Shares.