Integra Resources Corp. (ITRG) Eliminates Corporate Debt as H.C Wainwright Hikes Price Target

Integra Resources Corp (NYSE:ITRG) is one of the best debt-free penny stocks to buy right now. On December 22, the company announced the elimination of its corporate-level debt following the complete conversion and repayment of the convertible debenture facility with Beedie Capital.

Integra Resources Corp. (ITRG) Eliminates Corporate Debt as H.C Wainwright Hikes Price Target

The repayment follows the issuance of $12.29 million in shares at $1.22 each to retire $15 million in principal under the facility. The company also paid $2.896 million in accrued interest and standby fees. The repayment strengthens the company’s financial position as it moves forward into permitting and developing the DeLamar project.

“The full conversion of the convertible debenture into equity following the recently announced Feasibility Study results for DeLamar is a strong vote of confidence in the strength of the study and the long-term value of the Company,” said George Salamis, President, CEO, and Director of Integra.

Meanwhile, H.C. Wainwright reiterated its buy rating for Integra Resources on December 19 and raised the price target to $5 from $4.75. The price target hike follows confirmation that the company is poised to produce 910,000 ounces of gold and 17.4 million ounces of silver over a 10-year mine life at the DeLamar Project.

Integra Resources Corp. (NYSE:ITRG) is a precious metals exploration and development company focused on gold and silver projects in the Great Basin of the Western U.S. It is advancing the DeLamar Project in Idaho and the Nevada North Project, aiming to become a significant gold and silver producer through heap leaching and resource growth from past-producing mines.

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