Integra Closes C$61.6M Bought Deal, Analysts Lift Target to C$9
Integra Resources closed a bought deal offering of 18.12 million shares at $3.40, raising $61.6 million including the full overallotment to fund its DeLamar Project pre-production capital expenditures. Stifel raised its price target to C$9 from C$8 and Raymond James reiterated a C$9 Buy rating on February 10.
1. Bought Deal Financing Completed
On February 9, Integra Resources closed a bought deal public offering of 18,121,600 common shares at $3.40 per share, generating gross proceeds of $61.6 million. The underwriters fully exercised their overallotment option, bolstering the company’s treasury for upcoming development activities.
2. Analyst Price Target Increases
On February 10, Stifel raised its price target on Integra shares to C$9 from C$8 and maintained a Buy rating, while Raymond James reiterated a Buy rating with a C$9 target. Both firms cited strengthened cash position and project de-risking as drivers for their bullish outlook.
3. Allocation of Proceeds to DeLamar Project
Integra plans to deploy net proceeds toward pre-production capital expenditures at the DeLamar Project, including procurement of long-lead items, early works such as site preparation, and acquisition of additional land. This funding aims to accelerate the transition from exploration to development for the heap leach operation.