Integra Gold (ICG-V) Dec 30, '14 is pleased to announce that it has closed its "bought deal" private placement, including exercise of the over-allotment option in full (the "Offering"), of flow-through common shares of the Company (the "Flow-Through Shares") and Québec super flow-through common shares of the Company (the "Super Flow-Through Shares"), as previously announced on December 11, 2014, through a syndicate of underwriters led by Paradigm Capital Inc. and Cormark Securities Inc., for gross proceeds of C$8,174,284.
"We are pleased to have completed this financing at a significant premium to our current share price, and with the positive response from investors. With over $11 million in cash Integra is now well-positioned to advance exploration at the Lamaque Project in 2015," commented Company CEO, Stephen de Jong.
The Company intends to use the 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.
Total underwriters' commission of $490,457.04 was paid in conjunction with the Offering and an aggregate of 1,675,930 compensation options (the "Compensation Options") were granted to the underwriters. The Compensation Options entitle the holder to purchase one Common Share at a price of $0.23 for 12 months following the closing of the Offering.
All common shares issued and issuable hereunder (including those issuable upon the exercise of Compensation Options), are subject to a hold period expiring May 1, 2015.
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
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