Integra Gold (ICG.V) has now closed its flow-through financing which was conducted on a bought deal basis, as well as the ‘top up’ financing provided by Eldorado Gold (ELD.TO, EGO). Integra issued 31.95M flow-through shares at C$0.50 to clients of a syndicate of underwriters as well as 8.1M ‘normal’ shares in a hard dollar placement to Eldorado Gold, priced at C$0.315 per share.
It’s great to see Integra was indeed able to raise the cash at a hefty premium to the market price, and even though flow-through financings always happen at a premium, it’s quite rare to see a company pulling off a large financing at a 59% premium.
Integra has also released a few more assay results from its ongoing exploration program at Triangle (where the company currently has 8 drill rigs up and running). After having discovered the C6 structure (just 100 meters below the C5 structure), the company has drilled a few stepout holes to get a better idea of the size of the C6 zone. This drill hole intercepted 1 meter of 437 g/t gold (and when capped to 34.3 g/t, the average grade would have been 7.1 g/t).
That’s very exciting, but what could be potentially more exciting is the possibility to encounter additional C-structures at he No 4 Plug, where Integra has just completed an 11,000 meter drill program. It’s possible the C-structures at Triangle are extending towards the No4 Plug, and Integra is currently drilling some holes in between both zones (as the distance between Triangle and No4 is just 400 meters). It’s still very early days of course, but the mere fact the company has been hinting at the potential existence of the C-structures indicates Integra is quite excited about the prospects.
Go to Integra’s website
The author holds a long position in Integra Gold. Integra is a sponsor of the website. Please read the disclaimer
