0
0
Vancouver, British Columbia–(Newsfile Corp. – March 16, 2023) – Beedie Investments Limited (the “Beedie”) has acquired ownership of 3,375,000 subscription receipts (“Subscription Receipts”) of Integra Resources Corp. (the “Company”), at a price of $0.70 per Subscription Receipt for aggregate consideration of $2,362,500 pursuant to the Company’s bought deal private placement of 35,000,000 Subscription Receipts (the “Offering”).
The gross proceeds from the Offering have been placed into escrow with TSX Trust Company (the “Subscription Receipt Agent”). Each Subscription Receipt represents the right of a holder to receive, upon satisfaction or waiver of certain release conditions (including the satisfaction of all conditions precedent to the completion of the business combination transaction (the “Transaction”) involving the Company and Millennial Precious Metals Corp. (“Millennial”), other than the issuance of the consideration shares to shareholders of Millennial) (the “Escrow Release Conditions”), without payment of additional consideration, one common share in the capital of the Company (the “Common Shares”) subject to adjustments and in accordance with the terms and conditions of a subscription receipt agreement entered into amongst the Company and the Subscription Receipt Agent. If the Escrow Release Conditions are satisfied on or before June 9, 2023 (the “Termination Date”), the escrowed funds, together with interest earned thereon, will be released to the Company. If the Escrow Release Conditions are not satisfied prior to the Termination Date, the escrowed funds, together with interest earned thereon, will be returned on a pro rata basis to the holders of the Subscription Receipts, and the Subscription Receipts will be cancelled and have no further force and effect.
Immediately prior to the completion of the Offering and assuming conversion in full of the initial advance under the credit agreement dated July 28, 2022 between Beedie and the Company, as amended on February 26, 2023 (the “Credit Agreement”), into Common Shares in accordance with the terms of the Credit Agreement at Cdn$0.945 per Common Share and using the Bank of Canada’s Canadian dollar / U.S. dollar daily average exchange rate on February 24, 2023 of Cdn$1.3622/ US$1.00, Beedie, directly or indirectly, would own or control a total of 20,484,019 Common Shares, representing approximately 21.75% of the issued and outstanding Common Shares on a partially diluted basis.
Immediately following the completion of the Offering and assuming conversion in full of the Subscription Receipts and the initial advance under the Credit Agreement into Common Shares, Beedie, directly or indirectly, would own or control a total of 23,859,019 Common Shares, representing approximately 24.46% of the issued and outstanding Common Shares on a partially diluted basis. Assuming conversion in full of the entire loan facility available under the Credit Agreement into Common Shares in accordance with the terms of the Credit Agreement (assuming that all subsequent advances under the Credit Agreement are converted into Common Shares at a conversion price of $0.828 per share, representing a 20% premium above $0.69 per share, being the closing price of the Common Shares on the TSX Venture Exchange as of March 15, 2023, and using the Bank of Canada’s Canadian dollar / U.S. dollar daily average exchange rate on March 15, 2023 of Cdn$1.3778/ US$1.00), the Acquiror, directly or indirectly, would own or control a total of 40,499,115 Common Shares, representing approximately 35.46% of the issued and outstanding Common Shares on a partially diluted basis. The actual number of Common Shares issuable pursuant to the conversion of any subsequent advances under the Credit Agreement will depend upon the 30-day VWAP of the Common Shares on the TSX Venture Exchange and the Canadian dollar / U.S. dollar exchange rate applicable at the time.
All of the securities held by Beedie in Integra, including the Common Shares, the Subscription Receipts and the Credit Agreement, are being held for investment purposes. Beedie may in the future take such actions in respect of its Integra securityholdings as it deems appropriate in light of the market circumstances then existing, including the potential purchase of additional shares of Integra through open market purchases or privately negotiated transactions, or the sale of all or a portion of such holdings in the open market or in privately negotiated transactions to one or more purchasers, or Beedie may continue to hold its current positions.
A copy of the early warning report relating to the Credit Agreement will be available under Integra’s profile on SEDAR at www.sedar.com, and may also be obtained by contacting Beedie Investments Limited at 604-435-3321. Beedie’s head office is located at 3030 Gilmore Diversion, Burnaby, British Columbia, V5G 3B4.
Neither 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/158695
Related Quotes
Gold stock Osisko Gold Royalties is approaching a 52-week high after breaking out of a base in strong volume. Gold and related stocks have become attractive as the banking crisis leaves investors looking for a safe place to park their money. The price of gold surged on Monday after the Silicon Valley Bank crisis triggered bank fears, and is up for the week.
U.S. stocks could see increasingly wild swings in the coming days as option contracts tied to trillions of dollars in securities are set to expire on Friday, removing a buffer that some say has helped to keep the S&P 500 index from breaking out of a tight trading range.
(Bloomberg) — Charles Schwab Corp. saw $8.8 billion in net outflows from its prime money market funds this week as investors rattled by turmoil at US banks plowed even more money into the brokerage’s other portfolios that favor assets with government backing.Most Read from BloombergFirst Republic Set to Get $30 Billion of Deposits in RescueSchwab Clients Shift From Prime Funds to Government PortfoliosIn New York City, a $100,000 Salary Feels Like $36,000First Republic Bank Is Exploring Options
Will Silicon Valley Bank’s collapse influence the policy makers to take a more forgiving stance regarding its interest rate hiking endeavors? Word on the Street is that it is a possibility, but David Rubenstein is not so sure – the billionaire investor thinks the Fed will find the middle ground in its continued efforts to rein in inflation. “I suspect 25 basis points is the split-the-baby decision that’s most likely,” Rubenstein said ahead of the Federal Reserve’s meeting next week. Whether Rube
Warren Buffett's Berkshire Hathaway added over $467 million worth of Occidental Petroleum shares.
‘Buy the dip’ has not become the ubiquitous phrase it is for no reason. With bank stocks recently falling in unison whether they are in danger of meeting the same fate as SVB and Signature bank or not, there are plenty of ‘buy the dip’ opportunities investors can take advantage of right now. And that’s what one CEO has been doing. Having watched shares of his firm Charles Schwab drop by more than 30% since the crisis began, CEO Walter Bettinger said on Tuesday that he purchased 50,000 shares for
While electric vehicles (EVs) are currently a small part of the world’s auto fleets, their numbers are growing. EVs are benefitting from a mix of tailwinds, including improved technologies, social approval, and political will, combining to give a strong impetus to the EV industry. The rapid expansion of EVs has opened up wide fields of opportunity for investors. While the car makers tend to soak up the headlines (think Elon Musk’s Tesla), there are also companies working on charging stations, ba
First Republic Bank received $30 billion in bailout money from a variety of other banks, including Morgan Stanley and PNC Bank who might offer to purchase FRB.
(Reuters) -Goldman Sachs said deposits have started to move out of U.S. banks and towards money markets funds, as investors seek the safety in Treasury securities amid worries about stresses in the banking sector. Retail money market funds have seen large and accelerating inflows over the last week, Goldman said in a note on Thursday, likely suggesting some migration away from deposits. Following the collapse of SVB Financial Group and Signature Bank, U.S. regional bank stocks have had a bruising last few days, as investors worried about possible deposit outflows causing capital issues at other regional banks.
(Bloomberg) — Banks borrowed a combined $164.8 billion from two Federal Reserve backstop facilities in the most recent week, a sign of escalated funding strains in the aftermath of Silicon Valley Bank’s failure.Most Read from BloombergFirst Republic Set to Get $30 Billion of Deposits in RescueSchwab Clients Shift From Prime Funds to Government PortfoliosIn New York City, a $100,000 Salary Feels Like $36,000First Republic Bank Is Exploring Options Including a SaleThe 10 Top US Cities Where a $10
Nvidia stock has been on fire, attempting to post its 10th weekly gain in the past 11 weeks. Here's how to trade it now.
Dividend-paying stocks are consistent, defensive and tend to outperform over time, writes Michael Brush.
With bank stocks fluctuating wildly this week after Silicon Valley Bank’s collapse, Charles Schwab CEO Walt Bettinger and other insiders bought the dip, according to Securities and Exchange Commission filings. Charles Schwab stock (ticker: SCHW) is down about 28% over the past month. Amid the stock’s turmoil on Monday, Bettinger and founder Charles Schwab published a statement to reassure investors.
The stock market rallied strongly Thursday as JPMorgan and other big banks said they'll deposit $30 billion into First Republic. Apple and Microsoft are buys.
Global markets fear that other banks will fail after the collapse of Silicon Valley Bank, Silvergate and Signature Bank in New York. Here's why.
Credit Suisse added more gas on the banking fire, exacerbating an already tough decision for central banks.
Forget the oil producers. Look for deals in services and refining.
(Bloomberg) — The “banking crisis is over,” Odeon Capital analyst Dick Bove said after reports that the nation’s largest private banks will provide $30 billion in liquidity to stabilize First Republic Bank.Most Read from BloombergFirst Republic Set to Get $30 Billion of Deposits in RescueIn New York City, a $100,000 Salary Feels Like $36,000Schwab Clients Shift From Prime Funds to Government PortfoliosFirst Republic Bank Is Exploring Options Including a SaleThe 10 Top US Cities Where a $100,000
(Bloomberg) — Former Treasury Secretary Lawrence Summers praised European Central Bank President Christine Lagarde for raising interest rates by a half percentage point Thursday and said the Federal Reserve should follow with its own, smaller, move next week.Most Read from BloombergFirst Republic Set to Get $30 Billion of Deposits in RescueIn New York City, a $100,000 Salary Feels Like $36,000Schwab Clients Shift From Prime Funds to Government PortfoliosFirst Republic Bank Is Exploring Options
A jump in the cost for Wall Street banks to insure bonds against default on Wednesday was another worrisome indicator of credit stress for investors amid the crisis at Credit Suisse and at U.S. regional banks. According to S&P Global Market Intelligence, spreads on five-year credit default swaps on JPMorgan Chase & Co, Bank of America Corp, Morgan Stanley and Wells Fargo shot up to their highest since October, while those for Goldman Sachs and Citigroup Inc are highest since November. "Credit spreads are telling you there is systemic risk in the system," said Lance Roberts, chief investment strategist at RIA Advisors.
source
