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Integra Resources Corp. (Integra) acquired Florida Canyon Gold Inc. (FGCI) in a definitive arrangement agreement dated July 28, 2024. This transaction, valued at approximately C$95 million, involved Integra issuing 0.467 common shares for each FCGI share. FCGI shareholders received C$0.69 per share, resulting in an ownership split of approximately 60% for Integra and 40% for FCGI shareholders in the combined company. This merger created a diversified gold and silver producer with immediate production of 70,000 ounces of gold equivalent annually from Florida Canyon and a robust pipeline of development projects, including DeLamar and Nevada North.
Florida Canyon's proven open-pit mining operations in Nevada, producing ~71,000 ounces of gold equivalent annually, will provide immediate cash flow. The combined portfolio offers a growth path to over 250,000 ounces of gold equivalent per year. The transaction received unanimous approval from both companies' boards. Legal advisors included Cassels Brock & Blackwell LLP for Integra and Bennett Jones LLP for FCGI, with financial advisors Stifel and Cormark Securities Inc. respectively.
The deal closed on November 8, 2024.
Parties
Company
Integra Resources Corp.
Company
Florida Canyon Gold Inc.
Deal Type
Merger & AcquisitionIndustry
MiningTransaction
$ 95,000,000Deal Status
ClosedClosing Date
08 November 2024