28 Feb 2023
Canadian mining firms Integra, Millennial to merge
On May 4, 2023, Integra Resources Corp. ("Integra") and Millennial Precious Metals Corp. ("Millennial") announced the completion of their merger. This union forms one of the most significant precious metals exploration and development companies in the Great Basin. Integra's Chairman, George Salamis, emphasized the enhanced capital markets profile, while CEO Jason Kosec highlighted plans for updates to their projects in 2023. As part of the merger, Integra acquired all Millennial shares, with Millennial shareholders receiving 0.23 of an Integra Share for every Millennial Share. This led to the issuance of 42,180,139 Integra Shares to former Millennial shareholders. Consequently, Millennial will become a wholly-owned subsidiary of Integra, with its shares delisted from the TSX Venture Exchange by May 5, 2023. The leadership will include George Salamis as Executive Chairman and Jason Kosec as CEO. Upon merging, the companies secured approximately C$34.14 million from the release of 50,000,000 subscription receipts of Integra, meant for project advancements. Millennial shareholders must submit specific forms to receive Integra Shares, and details of the transaction have been shared on SEDAR. Finally, Integra plans a share consolidation of one post-consolidation share for every 2.5 pre-consolidation shares by the end of May 2023. Legal guidance for the merger was provided by Cassels Brock & Blackwell LLP for Integra and Bennett Jones LLP for Millennial.