i-80 Announces C$86 Million Bought Deal Public Offering of Units
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RENO, Nev., April 08, 2024 (GLOBE NEWSWIRE) -- i-80 Gold Corp. (TSX:IAU) (NYSE:IAUX) (“i-80” or the “Company”) is pleased to announce that it has entered into an agreement with National Bank Financial Inc., as lead underwriter, on behalf of a syndicate of underwriters (collectively, the “Underwriters”) under which the Underwriters have agreed to purchase, on a bought deal basis, 51,882,000 units of the Company (“Units”) at a price of C$1.65 per Unit for gross proceeds of C$85,605,300 (the “Offering”). Each Unit is comprised of one common share (each a “Common Share”) and one-half of one Common Share purchase warrant (each whole warrant a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Common Share at a price of C$2.15 for a period of 48 months following the closing of the Offering.
The Company has also granted to the Underwriters an over-allotment option to purchase an additional 15% of the base Offering, for additional gross proceeds to the Company of up to C$12,840,795, to acquire Units, Common Shares and/or Warrants (or any combination thereof), at the Underwriters’ discretion, and shall be exercisable by the Underwriters, in whole or in part, for a period of 30 days from and including the closing date.
The net proceeds of the Offering, inclusive of the over-allotment option if exercised, will be used to advance the development of the Company’s mineral properties and for general corporate purposes, as more particularly described in the short form prospectus. The Units will be offered in all provinces of Canada, except for Quebec, by way of a short form prospectus, and in the United States to “qualified institutional buyers” pursuant to an exemption from registration under the United States Securities Act of 1933, as amended, and in such other jurisdictions outside of Canada in accordance with applicable law.
The Offering is expected to close on or about April 25, 2024, and is subject to certain conditions including, but not limited to, the receipt of all necessary corporate and regulatory approvals, including the approval of the Toronto Stock Exchange and the NYSE American.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws unless an exemption from such registration is available.