Integra Gold Comments on Trading Volume and Provides Update on Recent Warrant Exercise
VANCOUVER, BC--(Marketwired - October 16, 2015) -
(All figures are in Canadian dollars unless otherwise indicated)
Integra Gold Corp. (TSX VENTURE: ICG) ("Integra" or the "Company") is pleased to announce that all 25 million shares held by Samson Bélair/Deloitte & Touche Inc. acting as Receiver of Century Mining Corp. (the "Receiver") in connection with the Company's October 2014 acquisition of the Sigma-Lamaque Milling Facility, at the time at representing a 12.9% stake in the Company, have now been acquired by a group of international institutional shareholders. Yesterday the Company and the Receiver mutually agreed to waive the lock-up period associated with the last block of shares (8,333,334 shares) due to investor demand. The Receiver is no longer a shareholder of the Company.
Sigma-Lamaque Milling Facility Acquisition Shares
In October 2014, the Company completed the acquisition of the Sigma-Lamaque Milling Facility and Mines adjacent to its Lamaque South Project in Val-d'Or, Québec. The total purchase price was comprised of $1.8 million in cash and 25 million common shares of Integra.
"The mill acquisition completed in 2014 was a transformative event for the Company and we are happy to announce that all stock issued in connection with the acquisition is now in the hands of international institutional shareholders. Deloitte has been an excellent partner throughout the negotiation and transfer process regarding the Sigma-Lamaque acquisition and worked cooperatively with us following the acquisition to sell their shares in an orderly manner. Considering that the transaction was initially completed at a share price of $0.23 per share, we maintain that the deal provided a winning outcome for all parties involved," commented Company President and CEO, Stephen de Jong. "With the pending sale of the Receiver's shares no longer a factor in our Company's valuation, we look forward to a busy 2015 and beyond as we continue to build value for our shareholders."
Warrant Exercise
In addition, the Company is pleased to announce that it has received gross proceeds of $2.4 million as a result of the exercise of share purchase warrants at prices ranging between $0.23 and $0.30 amounting to 9.8 million shares in total. This brings the Company's current cash position to $24 million. The Company also anticipates receiving $0.9 million in Quebec provincial government rebates in 2015 and an additional $2.1 million in 2016. The warrant exercise represents a strong vote of confidence from warrant holders and, following the $14.6 million strategic investment by Eldorado Gold Corp. completed in August 2015, it significantly boosts Integra's treasury and provides additional financial capacity to advance the Lamaque South Project.
Project and Company Profile
Integra's Lamaque South Gold Project and Sigma-Lamaque Mill and Mine Complex 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 exploring and subsequently developing, subject to further underground exploration and other factors, 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 recently acquired Sigma Mill, located 1 kilometer from the Parallel Zone and 3 kilometers from the Triangle Zone, is a fully-permitted, 2,200 tonne per day mill and tailings facility.
ON BEHALF OF THE BOARD OF DIRECTORS
Stephen de Jong
CEO & President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward Looking Statements: Certain disclosures in this release constitute forward-looking statements, including timing of completion of an updated resource estimate, timing of completion of an updated PEA and completion of the Sigma-Lamaque transaction. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company, including that the Company is able to obtain any government or other regulatory approvals, that the Company is able to procure personnel, equipment and supplies required for its exploration and development activities in sufficient quantities and on a timely basis and that actual results are consistent with management's expectations. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, those matters identified in its continuous disclosure filings, including its most recently filed MD&A. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
Contact
CONTACT INFORMATION
Corporate Inquiries:
Chris Gordon
chris@integragold.com
Or visit the company website: www.integragold.com
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Twitter: http://twitter.com/integragoldcorp
