Mag Copper (CSE:QUE) announced the previous management team of Integra Gold (ICG.V) will be taking over the reins of the company as Mag Copper will be re-named as Integra Resources on August 22th, and will complet a 2.5:1 reverse split which will result in 18.4 million shares outstanding.
We dug into the recent filings of Mag Copper and it looks like the incoming management team will have some decent skin in the game, whilst some other interesting names as shareholders are popping up as well. An overview:
Sometimes people subscribed in their own name or in their wife’s name and for simplicity sake, we will just call these consolidated positions (‘X and family’ in case a participant subscribed in both his/her own name as well as his/her spouse) as all shares are supposed to be in strong hands. The ‘ex-ICG’ team consists of four ex-Integra Gold employees (and family, where applicable) working in the IR and Corporate Development department. They are also supposed to be ‘strong hands’.
Additionally, Medalist Capital has announced its intention to sell in excess of 15 million shares in private transactions, so we’ll probably see some more changes in the near future.
You’ll also notice Pierre Lassonde, Ross Beaty, Jonathan Awde and Sprott as shareholders. At least, we assume it’s Sprott, as the address of the numbers-company in the official filings of Mag Copper is the same address as the Sprott headquarters. Jonathan Awde, probably best known as the CEO of Gold Standard Ventures (GSV.TO, GSV) is already sitting on a very nice paper profit of C$477,000 based on yesterday’s closing price of C$0.32.
The next step for Integra Resources is now to secure a project and apparently the company has already prepared a shortlist of precious metals projects in North and South America. Once an acquisition will be completed, Integra Resources will very likely immediately uplist to the TSX Venture Exchange and raise a substantial amount of cash to start exploring the to-be-acquired property.
The author has a long position in Mag Copper (acquired in the open market on Aug 17). Please read the disclaimer
