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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 18, 2012) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Integra Gold Corp. (News - Market indicators) ("Integra" or the "Company") is pleased to announce it has arranged a non-brokered private placement (the "Offering") to raise up to $1,650,000 through the issuance of up to 5,076,924 flow through shares ("Flow Through Shares"). The Offering will consist of the issuance of Flow Through Shares on a best efforts basis at a price of $0.325 per Flow Through Share. No warrants will be issued in conjunction with the Offering.
"This financing allows us to expand our current exploration program to include infill drilling at the high-grade Triangle Zone as well as expedite a number of engineering and environmental permitting campaigns," commented Company President and CEO, Stephen de Jong. "In regard to our pending resource estimate, results from initial modeling of bulk tonnage targets within the No. 4 Plug have shown the need for further assaying on a number of low grade zones between high grade veins. This assay work is a great opportunity to bring additional ounces into the resource, which we now expect to complete in Q2 2012."
The proceeds from the issuance of the Flow Through Shares will qualify as Canadian and Quebec exploration expenses that will be renounced to investors no later than December 31, 2012. The Company intends to use the net proceeds of the Offering primarily for expenditures on the Company's Lamaque Property. A finder's fee may be paid in conjunction with the Offering.
The Offering is scheduled to close on or about December 20, 2012 and is subject to certain conditions, including approval of the TSX Venture Exchange. The shares will be subject to a statutory four month hold period. The Company reserves the right to increase the size of the private placement or to modify the type, nature and/or price for any reason.
The Company announces that, subject to regulatory approval, it is extending the term of 1,952,222 warrants at $0.85 set to expire on December 29, 2012, to a new date of December 29, 2013.
PROJECT AND COMPANY PROFILE
Integra's Lamaque Gold Project is located in the Val d'Or gold camp in the Province of Québec, Canada, about 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 accessible.
The Company's focus is to evaluate and enhance gold bearing zones demonstrating the potential to increase the resource from the reported inferred and indicated gold resource of 2,335,530 metric tonnes averaging 6.91 g/t Au for 518,643 ounces ("oz.") Au and 800,799 metric tonnes averaging 6.33 g/t Au for 162,962 oz. Au respectively.
The project shares its northeastern border with the Sigma Mine which has produced 4.7 million ounces of gold to date, with reported significant gold resources and reserves. On its northwest border the Main Plug produced the majority of its 4.7 million ounces of gold for the historic Lamaque Mine.
ON BEHALF OF THE BOARD OF DIRECTORS
Stephen de Jong, CEO & President
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This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or the securities laws of any state of the United States and may not be offered or sold within the United States or to, or for the account or the benefit of, any person in the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release, including statements regarding the use of the proceeds from the private placement, constitute forward-looking statements. 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 required to complete the private placement and Company's planned exploration activities, that the Company is able to complete the private placement, that the Company is able to procure personnel, equipment and supplies required for its exploration activities in sufficient quantities and on a timely basis and that actual results of exploration activities 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, that the private placement will not be completed, that actual results of the Company's exploration activities will be different than those expected by management and that the Company will be unable to obtain or will experience delays in obtaining any required government approvals or be unable to procure required equipment and supplies in sufficient quantities and on a timely basis. 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.