Integra Mining (ASX: IGR) has raised around $40 million in a significantly oversubscribed placement, which consisted of 83.3 million shares at $0.48.
The company will then initiate a major debt reduction strategy, by making a $20 million early debt repayment, with another $10 million allocated to a process facility upgrade.
The remainder of the funds will be split between definition drilling and working capital.
Chris Cairns, managing director, said “This capital raising secures the upside growth potential of the company by repaying debt and increasing production to provide very strong unencumbered cash-flow to fund further growth opportunities.
"It puts the company on a very sound financial footing to realise significant shareholder value from the growth opportunities we find before us.”
The placement was managed by BBY Limited.