Analysts Are Bullish on Integra Resources Corp. (ITRG) – Here’s Why

Integra Resources Corp. (NYSE:ITRG) is one of the best strong buy penny stocks to invest in. On February 10, Stifel adjusted the price target on Integra Resources Corp. (NYSE:ITRG) to C$9 from C$8, maintaining a Buy rating on the shares. The same day, Raymond James also reiterated a Buy rating on the stock, setting a price target of C$9.00.

The bullish rating updates came after Integra Resources Corp. (NYSE:ITRG) announced on February 9 the completion of its previously announced bought deal public offering of 18,121,600 common shares of the company at a price of $3.40 per Common Share for aggregate gross proceeds of $61,613,440. This includes the full exercise of the overallotment option by the Underwriters.

Management reported that the offering was lead by Canaccord Genuity Corp. and Stifel Nicolaus Canada Inc. as co-lead underwriters and joint bookrunners, on behalf of a syndicate of underwriters including ATB Capital Markets Corp., Desjardins Securities Inc. and Raymond James Ltd.  Integra Resources Corp. (NYSE:ITRG) plans to use the net proceeds for funding the pre-production capital expenditures at the DeLamar Project, which encompasses procurement work, early works, and land purchase.

Integra Resources Corp. (NYSE:ITRG) is a development-stage company involved in the acquisition, development, and exploration of mineral properties in the Americas.

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Disclosure: None. This article is originally published at Insider Monkey.