Integra Gold (ICG.V) has closed a private placement raising C$10.05M by issuing approximately 45.5 million new shares (approximately 2/3 hard dollar and 1/3 flow through). The funds will be used to continue to work on the company’s Lamaque property in Québec, Canada which is advancing quite well. We are expecting an updated resource estimate later this year, followed by an updated Preliminary Economic Assessment, which will have a look at the development scenario’s with a reduced initial capital expenditure which could enhance the economics of the project.
Integra Gold is also doing a share swap with Pinetree Capital (PNP.TO) and it looks like Pinetree Capital has studied the GRIT-model quite well. Pinetree will issue 2.222M new shares to Integra in return for 5 million Integra units for a total deal value of C$1M. As investing in other companies isn’t a core business for Integra Gold, we think the company will monetize the Pinetree shares before the end of this year.
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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 by a third party to initiate coverage. Please see our disclaimer for current positions.
