Integra Gold (ICG-V) Dec 11, '14 is pleased to announce that it has entered into an agreement with Paradigm Capital Inc. and Cormark Securities Inc. on behalf of a syndicate of underwriters (together, the "Underwriters") under which the Underwriters have agreed to purchase, on a "bought deal" private placement basis, 21,739,200 flow-through common shares of the Company (the "Flow-Through Shares") at a price of C$0.23 per Flow-Through Share and 3,703,800 Québec super flow-through common shares of the Company (the "Super Flow-Through Shares") at a price of C$0.27 per Super Flow-Through Share for total gross proceeds of C$6,000,042 (the "Offering"). The Underwriters have been granted the option to purchase up to an additional 15% of the number of Flow-Through Shares issuable in the Offering, exercisable in whole or in part at any time up to 48 hours prior to the closing of the Offering. The Underwriters will seek to arrange for substituted purchasers for the Flow-Through Shares and Super Flow-Through Shares in one or more provinces of Canada.
The closing of the Offering is expected to occur on or about December 30, 2014 and is subject to the completion of formal documentation and receipt of regulatory approvals, including the approval of the TSX Venture Exchange.
The Company intends to use the gross proceeds of the Offering for "Canadian Exploration Expenses" (within the meaning of the Income Tax Act (Canada)) related to the Company's Québec mineral concessions. The Company will agree to renounce such Canadian Exploration Expenses with an effective date of no later than December 31, 2014.
Project and Company Profile
Integra's Lamaque South Gold Project and Sigma-Lamaque Milling Complex and Mine are located directly east from the city of Val d'Or along the prolific Abitibi Greenstone belt in the Province of Québec, Canada, approximately 550 km northwest of Montréal. Québec is rated one of the best mining jurisdictions in the world. Infrastructure, human resources and mining expertise are readily available.
The Company's primary focus is on production planning for its high-grade Lamaque South project. The Lamaque South property is divided into three clusters, the North, South and West cluster. The primary targets are the high-grade Parallel Zone in the North Cluster and the Triangle Zone in the South cluster. The acquired Sigma Mill, located 1 kilometer from the Parallel Zone and 3 kilometers from the Triangle Zone, is a fully-permitted, 2,200 ton per day mill and tailings facility. The Sigma-Lamaque Mill and Mining Complex include the historic Sigma and Lamaque Mines which operated for 60 and 50 years respectively and produced more than 9 million ounces of gold in total.
ON BEHALF OF THE BOARD OF DIRECTORS
Stephen de Jong
CEO & President |
