Integra Gold (ICG-V) closes $498,960 second tranche, increases offering to $5 million
Dec 31, 2013 - News Release
Integra Gold Corp. has closed the second tranche of its previously announced non-brokered private placement. A total of $4,581,260 has been raised in the first two tranches. Subject to regulatory approval, the company plans to increase the total offering to $5-million. The third and final tranche of the offering is scheduled to close on or before Jan. 31, 2014, and is subject to certain conditions, including approval of the TSX Venture Exchange.In the second tranche, the company issued 769,230 Quebec flow-through shares, 1.25 million national flow-through shares and 288,000 non-flow-through units, for a total of 2,307,230 shares or units and gross proceeds of $498,960. All tranche two shares are subject to a statutory four-month hold period which expires on May 1, 2014.
Including the first tranche, total FT shares issued to date are 17,275,769, and total NFT units issued are 1,400,350, for total gross proceeds of $4,581,259. Total finders' fees payable to date are $296,531 in cash and 1,278,032 in compensation options.
The offering consists of FT shares and NFT units on a best-efforts basis at a price of 20 cents per national FT share, 26 cents per Quebec FT share and 17 cents per NFT unit. Each Quebec or national FT share consists of one flow-through common share and no warrant. Each NFT unit consists of one common share and one-half of one non-transferable common share purchase warrant (NFT warrant). Each whole NFT warrant will entitle the holder to purchase one common share at an exercise price of 26 cents for 18 months following completion of the offering. Should the company's shares trade on the TSX Venture Exchange at a weighted average price of greater than 45 cents for any 10-consecutive-trading-day period, the company may, on written notice to the holders of the warrants, reduce the exercise period of the warrants to a date that is not less than 30 days from the date of the notice.
The proceeds from the issuance of the FT shares will qualify as Canadian and/or Quebec exploration expenses which will be renounced to investors no later than Dec. 31, 2013. The company intends to use the net proceeds of the offering primarily for expenditures on the company's Lamaque property as well as for general working capital. |
