Integra Resources (ITR.V, ITRG) has completed a bought deal financing with Raymond James as lead underwriter. A total of 6.79 million shares were issued on a straight-share basis (no warrant was attached) and priced at US$2.55 per share for total proceeds of US$17.3M. Interestingly, it looks like Coeur Mining also participated in the financing to keep its existing stake unchanged.
In its most recent financial report, Integra Resources had a working capital of about US$9M but as the company continues its exploration efforts it had to get ahead of the curve and raise the cash so it can continue its activities without being driven into a corner by the market Unfortunately the raise was priced just above the lowest level the Integra shares traded at since the stock consolidation last year.
All eyes will now be on the pre-feasibility study and resource update which should both be out soon.
Disclosure: The author has a long position in Integra Resources. Integra is a sponsor of the website. Please read our disclaimer.
