Integra Resources (ITR.V) has confirmed it has completed the acquisition of the DeLamar gold-silver project from Kinross Gold (K.TO, KGC) by issuing 5.55 million shares to Kinross and paying C$7.5M in cash. The cash payment was funded by the C$27.3M subscription receipts offering which closed last week. After taking the usual banking fees and cash payment to Kinross into consideration, Integra Resources will have approximately C$17.5M left, and have approximately 56 million shares outstanding, giving it an enterprise value of approximately C$51M.
Now the transaction has been closed, Integra’s listing has now been upgraded from the CSE to the TSX Venture Exchange which should improve the trading liquidity on the market.
We will be sitting down with CEO George Salamis later this week to get a better understanding of the project, and the company’s plans to repeat the huge success Integra Gold was.s