Vancouver, British Columbia--(Newsfile Corp. - November 8, 2024) - Beedie Investments Ltd. ("Beedie") announces that, in connection with the completion of the business combination transaction between Integra Resources Corp. ("Integra") and Florida Canyon Gold Inc. (the "Transaction") completed on November 8, 2024, Integra received a second advance in the amount of US$5 million (the "Second Advance") under the terms of a credit agreement dated July 28, 2022 (the "Credit Agreement") between Beedie and Integra, as amended by a first supplemental credit agreement dated as of February 26, 2023, a second supplemental credit agreement dated as of May 4, 2023, a third supplemental agreement dated as of February 20, 2024, a fourth supplemental agreement dated July 28, 2024, and a fifth supplemental credit agreement dated as of November 8, 2024. Pursuant to the terms of the Credit Agreement, the Second Advance is convertible into common shares in the capital of Integra (the "Common Shares") at a conversion price equal to Cdn$1.6875 per Common Share.
Furthermore, in connection with the completion of the Transaction, 513,000 subscription receipts (the "Subscription Receipts") of Integra which were issued to Beedie on August 21, 2024 at a price of Cdn$1.35 per Subscription Receipt in connection with Integra's subscription receipt financing were automatically converted into 513,000 Common Shares for no additional consideration in accordance with the terms of the Subscription Receipts.
Immediately prior to the completion of the Transaction and assuming conversion in full of the initial advance of US$10 million under the Credit Agreement (the "Initial Advance") and the Second Advance into Common Shares in accordance with the terms of the Credit Agreement, as well as conversion in full of the Subscription Receipts into Common Shares, the Acquiror, directly or indirectly, would own or control a total of 20,335,762 Common Shares, representing approximately 17.32% of the issued and outstanding Common Shares on a partially diluted basis.
Immediately following the completion of the Transaction and assuming conversion in full of both the Initial Advance and Second Advance into Common Shares in accordance with the terms of the Credit Agreement, the Acquiror, directly or indirectly, would own or control a total of 20,335,762 Common Shares, representing approximately 11.17% of the issued and outstanding Common Shares on a partially diluted basis.
All of the securities held by Beedie in Integra, including the Common Shares, are being held for investment purposes. Beedie may in the future take such actions in respect of its Company 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, a corporate transaction, such as a merger, reorganization or liquidation, involving Integra, 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 Common Shares will be available under Integra's profile on SEDAR+ at www.sedarplus.ca, and may also be obtained by contacting Beedie Investments Limited at 604-435-3321. Beedie's head office is located at Suite 900 - 1111 West Georgia St. Vancouver, BC V6E 4M3.
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/229369
SOURCE: Beedie Investments Ltd.
