#Canada #Vancouver #Integra Resources #Debt-Free #Beeidie Capital

Integra Resources Successfully Completes Full Conversion of Beedie Capital Debenture

Integra Resources Corp. has recently made headlines with the announcement concerning the complete conversion and repayment of its convertible debenture facility with Beedie Investment Ltd. This significant move is poised to bolster the company’s financial position as it continues to navigate through its operational landscape.

Conversion and Repayment Breakdown

The transaction involved the issuance of approximately 12,295,081 common shares at a deemed price of C$1.6875 (equivalent to US$1.22) to completely retire the US$15 million principal amount drawn under the Beedie capital facility. In addition to the repayment of the principal, Integra also paid US$2,896,712 in accrued interest and standby fees.

With the full conversion of this debenture, certain assets that were secured under the facility have been released, thereby eliminating any remaining obligations owed to Beedie Capital. This strategic decision marks an important milestone in the company’s journey, indicating management's proactive approach toward solidifying its financials.

Statements from Leadership

George Salamis, the President, CEO, and Director of Integra, expressed his optimism regarding this development, stating, “Beedie Capital has been an important partner to Integra since our earliest days, and their continued support speaks volumes.” He emphasized that the conversion of the convertible debenture into equity is a strong endorsement of the positive outcomes inferred from their recently released Feasibility Study results concerning the DeLamar Project. Furthermore, this financial maneuver enhances Integra's balance sheet by removing convertible debt, leaving the company in a debt-free position as it moves forward into permitting and future development.

Nora Pincus, Managing Director at Beedie Capital, echoed this sentiment, highlighting that their decision to convert the facility into common equity showcases their confidence in Integra's potential and the quality of the DeLamar Project. She acknowledged the transformation of Integra from a budding single-asset developer to a company actively engaged in the mining sector with multiple promising exploration projects.

The DeLamar Project: A Focus for Future Growth

The DeLamar Project, situated in southwestern Idaho, stands at the forefront of Integra’s development strategy. The recent Feasibility Study has showcased improved economic projections and a reduction in development risk, further solidifying the company’s roadmap towards becoming a more robust entity in the precious metals market. As Integra drives ahead, commitments to operational excellence at its flagship projects, including the Florida Canyon Mine in Nevada, remain paramount.

The company’s goal to create sustainable shareholder value, while maintaining exemplary practices in environmental, social, and governance standards, sets a forward-thinking vision for its operations. With these commitments locked in, Integra aims to foster stronger ties within local communities alongside efficient project development.

Market Position and Future Prospects

Integra’s efforts to retire debt and enhance its financial position present a promising outlook for the company to pursue future opportunities in the mining sector. As Integra gears up for developments at its flagship projects and aligns with evolving market dynamics, the full conversion of the Beedie Capital debenture not only exemplifies shrewd financial management but also stamps the company’s commitment to growth.

As they advance, all eyes will be on Integra Resources as it embarks on this new chapter following the successful financial maneuver. The mining industry remains invigorated by the developments within Integra, showcasing a company prepared to unleash its potential amidst a recovering market.