i-80 Gold Announces Closing of Oversubscribed Non-Brokered Private Placement
i-80 Gold Announces Closing of
Oversubscribed Non-Brokered Private
Placement
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
/
RENO, Nev.
,
Feb. 21, 2024
/CNW/ -
i-80 GOLD CORP.
(TSX: IAU) (NYSE: IAUX)
("i-80", or the
"Company")
is pleased to announce that it has closed the first tranche of its non-brokered private
placement (the "
Private Placement
") previously announced on
February 7, 2024
.
The Private Placement was oversubscribed due to strong investor demand, and the Company raised
gross proceeds of
C$21,580,567.20
through the issuance of 11,989,204 common shares (each, a
"
Common Share
") at a price of
C$1.80
per Common Share. The Company intends to use the net
proceeds of the Private Placement for exploration and development of its mineral projects in
Nevada
, and for working capital and general corporate purposes.
In addition, the Company has also received subscription agreements to purchase an additional
1,075,000 Common Shares under the Private Placement for additional gross proceeds of
C$1,935,000
, which the Company expects to close in one or more tranches in the coming days.
Upon closing of these subsequent tranches, the Company expects to raise aggregate gross
proceeds of
C$23,515,567
under the Private Placement.
The following "insiders" of the Company have subscribed for Common Shares under the Private
Placement (the "
Insider Participation
"):
Insider
Insider Relationship
Common
Shares
Purchased (#)
Subscription
Amount (C$)
Ewan Downie
Director and Senior Officer of i-80
110,000
$198,000
Matthew Gollat
Senior Officer of i-80
28,000
$50,400
John Seaman
Director of i-80
10,000
$18,000
John Begeman
Director of i-80
6,000
$10,800
Eva Bellissimo
Director of i-80
5,600
$10,080
Christina McCarthy
Director of i-80
2,804
$5,047.20
Totals
162,404
$292,327.20
Each of the subscriptions by an "insider" is considered to be a "related party transaction" for
purposes of Multilateral Instrument 61-101 –
Protection of Minority Security Holders in Special
Transactions
("
MI 61-101
"). The Insider Participation is exempt from the formal valuation and
minority shareholder requirements under MI 61-101 in reliance upon the exemptions contained in
section 5.5(a) and 5.7(1)(a), respectively, of MI 61-101 as the fair market value of the transaction,
insofar as it involves interested parties, is not more than the 25% of the Company's market
capitalization. The Company did not file a material change report more than 21 days before the
expected closing date of the Private Placement as the details of the Private Placement and the
Insider Participation was not settled until shortly prior to the closing of the Private Placement, and
the Company wished to close the Private Placement on an expedited basis for sound business
reasons.
In connection with the Private Placement, the Company paid certain arm's length finders cash fees in
the aggregate amount of
C$519,282
. All securities issued under the Private Placement are subject
to a hold period expiring four months and one day from the date of issuance. The Private Placement
is subject to final acceptance of the Toronto Stock Exchange.
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, accordingly, may not be offered or sold within
the United States
except in compliance with the registration requirements of the U.S. Securities Act and applicable
state securities laws, unless an exemption from such registration is available.
About i-80 Gold Corp.
i-80 Gold Corp.
is a
Nevada
-focused mining company with a goal of achieving mid-tier gold
producer status through the development of multiple deposits within the Company's advanced-stage
property portfolio with processing at i-80's centralized milling facilities. I-80 Gold's common shares
are listed on the TSX and the NYSE American under the trading symbol
IAU:TSX
and
IAUX:NYSE
.
Further information about i-80 Gold's portfolio of assets and long-term growth strategy is available
at
www.i80gold.com
or by email at
.
Certain statements in this release constitute "forward-looking statements" or "forward-looking
information" within the meaning of applicable securities laws, including but not limited to, statements
regarding the use of proceeds of the Private Placement, the timing and ability (if at all) to complete
additional tranches of the Private Placement, and the timing and ability of the Company, if at all, to
obtain final approval of the Private Placement from the Toronto Stock Exchange. Such statements
and information involve known and unknown risks, uncertainties and other factors that may cause the
actual results, performance or achievements of the company, its projects, or industry results, to be
materially different from any future results, performance or achievements expressed or implied by
such forward-looking statements or information. Such statements can be identified by the use of
words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate",
"estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain
actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
These statements reflect the Company's current expectations regarding future events, performance
and results and speak only as of the date of this release.
Forward-looking statements and information involve significant risks and uncertainties, should not be
read as guarantees of future performance or results and will not necessarily be accurate indicators
of whether or not such results will be achieved. A number of factors could cause actual results to
differ materially from the results discussed in the forward-looking statements or information,
including, but not limited to: the failure to obtain the final acceptance of the Private Placement from
the Toronto Stock Exchange; material adverse changes; unexpected changes in laws, rules or
regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the
company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure
of exploration, refurbishment, development or mining programs or studies to deliver anticipated
results or results that would justify and support continued exploration, studies, development or
operations.
SOURCE
i-80 Gold Corp
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For further information:
please contact: Ewan Downie - CEO, Matt Gili - President & COO;
Matthew Gollat - Executive Vice-President, 1.866.525.6450, [email protected], www.i80gold.com
CO: i-80 Gold Corp
CNW 06:00e 21-FEB-24