VANCOUVER, BC --(Marketwired - June 22, 2017) - Integra Gold Corp. ("Integra Gold") (TSX VENTURE: ICG) (OTCQX: ICGQF) is pleased to announce Institutional Shareholder Services Inc. ("ISS"), the leading independent proxy advisory firm that provides voting recommendations to institutional investors, has issued its positive recommendation that shareholders of Integra Gold vote in favour of the proposed plan of arrangement (the "Arrangement") with Eldorado Gold Corporation ("Eldorado") (TSX: ELD) (NYSE: EGO) as announced on May 14, 2017.
ISS has recommended that Integra Gold shareholders vote FOR the Arrangement resolution relating to the plan of arrangement for a number of reasons, including the fact "the arrangement makes strategic sense as the acquirer is a much larger and well established player in the same segment." In addition, ISS stated, "In light of the adequate transaction process, the sound strategic rational of the proposed arrangement, the significant premium, the favourable market reaction, and the flexibility of the offer consideration to elect either cash consideration or share consideration, or a combination of both (subject to aggregate limits), shareholder approval of this resolution is warranted."
Welcoming the positive recommendation, George Salamis, Chairman of Integra Gold said: "We appreciate that ISS has acknowledged the benefits of the plan of arrangement with Eldorado and has recommended shareholders to vote in favour of the transaction. We also thank shareholders for their ongoing support as they prepare to take part in this new chapter of growth at the Lamaque Project."
In connection with the Arrangement, Eldorado's offer represents:
- A value of C$1.21250 for each Integra common share based on the May 12, 2017 closing price of Eldorado common shares on the Toronto Stock Exchange
- A premium of approximately 52% to Integra's May 12, 2017 closing price and a premium of 46% based on the volume weighted average prices ("VWAP") of both companies on the Toronto Stock Exchange and TSX Venture Exchange for the 20 day period ending May 12, 2017
Benefits to Integra Shareholders:
- Immediate attractive premium for Integra shareholders;
- Value to Integra shareholders supported by the cash component of the consideration;
- Eldorado has the financial strength and proven track record of developing low cost mines, enabling it to develop the Lamaque Gold Project; and
- Integra shareholders to receive shares in a liquid, diversified gold company and will also gain access to Eldorado's dividend policy.
Integra's Directors have unanimously recommended that Integra's shareholders vote in favour of the Arrangement and each director of Integra intends to vote all of the Integra shares they own or control at the date of the Arrangement meeting in favour of the Arrangement, in the absence of a superior proposal.
Shareholders of Integra Gold are encouraged to read the Management Information Circular, a copy of which is available under their respective profiles on the SEDAR website (www.sedar.com).
How To Vote
Shareholders must vote their proxy before 10:00 a.m. (Vancouver Time) on June 29, 2017.
Integra Gold shareholders with questions or who need help voting are encouraged to contact Kingsdale Advisors at 1-866-229-8874 toll-free within North America, or 1-416-867-2272 (for collect calls outside North America), or e-mail at contactus@kingsdaleadvisors.com.