Integra Resources Transforms into a Leading Precious Metals Player

Integra Resources Completes Merger with Florida Canyon Gold

Integra Resources Corp. (TSXV: ITR) and Florida Canyon Gold Inc. (TSXV: FCGV) have successfully completed a significant merger that marks a transformative moment for both companies. This business combination follows a court-approved plan under the Canada Business Corporations Act, overwhelming supported by shareholders from Florida Canyon Gold during a recent special meeting.

Strategic Vision for Growth

Jason Kosec, President, CEO, and Director of Integra, shared his enthusiasm regarding the merger, emphasizing its potential to elevate Integra's standing in the precious metals industry. The acquisition not only welcomes a new team and board members but also strengthens their capacity to operate as a formidable mid-tier precious metals producer focused on the Great Basin region.

The Florida Canyon Mine will play a pivotal role in advancing Integra’s goal of sustainable growth, combined with a robust resource base and a solid financial foundation. This merger opens up a spectrum of opportunities, positioning the company attractively for future developments.

Details of the Transaction

Under the terms of the agreement, Integra has acquired all outstanding shares of Florida Canyon Gold. Shareholders from Florida Canyon are set to receive common shares in Integra, distributing a total of 65,213,010 shares as part of this transaction.

Consequently, Florida Canyon Gold is now a wholly-owned subsidiary of Integra, with a scheduled delisting from the TSX Venture Exchange anticipated soon. This integration solidifies Integra’s presence in the market while simplifying its operational framework.

Changes to the Board of Directors

The merger also brings new perspectives to Integra's Board of Directors. George Salamis continues in his role as Executive Chairman, joined by Janet Yang and Ian Atkinson, who bring valuable expertise from their previous positions at Florida Canyon Gold.

Ms. Yang brings over two decades of financial acumen and business leadership experience to the table. She has held significant roles in organizations that navigated complex capital market challenges and strategic advancements, establishing a credible track record in the mining sector. Her background encompasses critical financing projects that improved operational efficiency and facilitated substantial growth initiatives.

Mr. Atkinson is recognized as a seasoned Professional Geologist with extensive knowledge in exploration and project development within the mining industry. His credentials, including his past directorship with Kinross Gold and leadership at Centerra Gold, reinforce the board's capabilities and vision.

Financial Strategies Following the Merger

Alongside the completion of the merger, Integra has successfully released funds from a subscription receipt financing arrangement. Issued at a price of C$1.35, the proceeds from this financing, totaling approximately C$19.4 million, are earmarked for vital operational advancements at the newly acquired Florida Canyon Mine, along with other project developments in the pipeline.

Exploring Growth Opportunities

Integra has also drawn a second advance from its existing credit facility, underscoring a proactive approach to funding its exploration and development initiatives. A focus on leveraging financial resources to enhance the DeLamar Project and Nevada North Project reflects their commitment to achieving operational excellence and innovation.

This multifaceted financial strategy showcases Integra’s ambition to foster growth while ensuring stable financial management, paving the way for an exciting future.

Transitioning for Former Florida Canyon Shareholders

Former shareholders of Florida Canyon Gold are encouraged to complete specific procedures to exchange their shares for Integra shares. This transition aims to streamline the integration process and assure continuous shareholder engagement through appropriate communication and support.

About Integra Resources

Integra Resources is dedicated to establishing a robust presence in the U.S. precious metals landscape, focusing on sustainable mining operations and responsible practices. With a portfolio that includes strategic projects and a vision to integrate innovative approaches in mining, Integra is committed to delivering value to its shareholders and enhancing the economic prospects of local communities.

Frequently Asked Questions

What is the significance of the Integra and Florida Canyon Gold merger?

The merger enhances Integra's operational capacity, positioning itself as a leading player in the Great Basin precious metals market.

What will happen to existing Florida Canyon Gold shareholders?

Florida Canyon shareholders will receive Integra shares in accordance with the terms of the acquisition.

How will the proceeds from the Subscription Receipts be utilized?

The proceeds are aimed at advancing operations at the Florida Canyon Mine and supporting other development projects.

Who are the new board members at Integra?

Janet Yang and Ian Atkinson join as board members, bringing significant expertise in financial management and geological exploration.

What does this transaction mean for Integra's future?

This merger opens new growth avenues, enhances financial stability, and signifies a strong commitment to operational excellence and sustainable development.

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