“This merger fulfills our goal to become a gold producer in the western U.., specifically in the Great Basin,” Integra executive chair George Salamis told The Northern Miner in an interview on Monday. “The cash flows from Florida Canyon will fund future exploration and permitting initiatives, reducing the need for dilution by returning to the market for financing.”
This deal is set against a backdrop of record gold prices spurring increasing consolidation in the sector, with peers in the Great Basin and beyond pursuing mergers to strengthen their positions. Companies such as Calibre Mining (TSX: CXB; OTCQX: CXBMF), Endeavour Mining (LSE: EDV; TSX: EDV), and Equinox Gold (TSX: EQX; NYSE-AM: EQX), all transitioned from explorers to producers in the past five years through strategic acquisitions, while others have focused on expanding their asset portfolios.
However, the market punished this merger. Integra and Florida Canyon…
