Integra Resources Corp. on Oct. 10 announced an agreement with a syndicate of agents to raise at least C$25 million in a private placement of subscription receipts on a "best efforts" basis.
The syndicate of agents is led by GMP Securities LP and includes Raymond James Ltd., Cormark Securities Inc., Macquarie Capital Markets Canada Ltd., PI Financial Corp. and Paradigm Capital Inc.
The offering will comprise at least 29.5 million subscription receipts at 85 cents apiece, and the proceeds will initially be deposited in escrow upon closing, which is expected around Oct. 30.
Integra will use the funds to cover the cash portion of the planned deal to buy Kinross Gold Corp.'s DeLamar gold project in Idaho, to fund exploration and development work on the property and for general working capital.
The company plans to use a significant portion of the funds on a 20,000-meter, mainly reverse circulation drill program at DeLamar, tentatively scheduled to begin in the first quarter of 2018.
Integra recently completed an initial resource estimate for DeLamar using historical data, outlining inferred resources of 117.9 million tonnes grading 0.41 g/t of gold and 24.34 g/t of silver.