Parties
Company
Integra Resources Corp.
Company
Florida Canyon Gold Inc.
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.
Deal Type
Merger & AcquisitionIndustry
MiningTransaction
$ 95,000,000Deal Status
ClosedClosing Date
08 November 2024