Printer Friendly

Integra Resources to Acquire DeLamar Project from Kinross Gold in Cash/Stock Transaction.


22 September 2017 - Canada-based minerals acquisition company Integra Resources Corp. (CSE: ITR) has agreed to acquire all of Idaho, US-based DeLamar gold and silver project from a wholly-owned subsidiary of Canada-based gold and silver mining group Kinross Gold Corp., the company said.

The terms of the binding stock purchase agreement for the DeLamar project include cash payments to Kinross totalling CDN 7.5m comprised between CDN 3m and CDN 5m payable at the DeLamar closing, and the balance being payable within 18 months after the closing of the sale and purchase of DeLamar.

Integra Shares to be issued to Kinross or its designee at the DeLamar closing constitute 9.9% of the outstanding Integra Shares, on a non-diluted basis, after giving effect to the private placement.

Kinross has retained a 2.5% NSR royalty that applies on those portions of the DeLamar claims that are unencumbered by existing royalties, which may be reduced to 1.0% upon the Kinross receiving total royalty payments of CDN 10m.

Conditional upon the completion of the transaction, Integra will acquire 47 mining claims totaling approximately 238 hectares that form part of the Florida Mountain claims group, which are situated in the Carson Mining District in Owyhee County, Idaho and located adjacent to the DeLamar Project. The closing of the Florida Mountain transaction will be concurrent with the DeLamar Closing.

Integra said it believes the exploration upside potential for both heap-leachable gold-silver mineralisation at surface and high grade, vein-type feeder mineralisation is promising.

Mine Development Associates (MDA), based in Reno Nevada, is currently completing a mineral resource estimate on DeLamar that is scheduled to be completed in the coming weeks.

Integra Resources Corp., formerly Mag Copper, is a development-stage company engaged in the acquisition, exploration and development of mineral properties in the Americas. The management team comprises the former executive team from Integra Gold Corp.

Integra has retained GMP Securities L.P. as financial advisor and Cassels Brock and Blackwell LLP as legal advisor.

Country: Canada

Sector: Metals/Mining

Target: DeLamar gold and silver project

Buyer: Integra Resources Corp

Vendor: Kinross Gold Corp

Deal size in USD: 6.08m

Type: Corporate Acquisition

Financing: Cash and Stock

Status: Agreed

Buyer advisor: GMP Securities , Cassels Brock and Blackwell ,


COPYRIGHT 2017 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2017 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:M & A Navigator
Geographic Code:1CANA
Date:Sep 22, 2017
Previous Article:SMG Indium Resources Acquires Texas Oilfield Services Firm MG Cleaners to Grow Permian Basin Customer Base.
Next Article:Hancock Timber Buys 79,000 Acres of Wisconsin, US Timberland from Lyme Timber.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters