Integra Gold (ICG.V) announced it is raising C$10M by issuing new units at C$0.20 for the hard dollar financing and C$0.26 for a flow-through financing. The hard dollar unit also has half a warrant attached to it, exercisable at C$0.30 for two years after the closing date. There’s also an accelerated expiry clause which will be triggered if the company’s weighted average share price is higher than C$0.50 for at least ten consecutive trading days.
The proceeds of this financing will be used for further exploration activities whereby new exploration targets will be drill-tested. Additionally, the company is planning an updated resource estimate and an updated PEA focusing on decreasing the initial capital expenditures at the Lamaque project. The original plan was to raise C$4M, but due to strong demand from investors this has been increased to C$10M.
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Disclosure: The author holds a long position in Integra Gold. Integra Gold is not a sponsor of the website, but we were compensated to initiate coverage in the past. Please see our disclaimer for current positions.
