i-80 Gold Closes US$173 Million Bought Deal Public Offering
i-80 Gold Closes US$173 Million Bought Deal Public
Offering
RENO, Nev.
,
May 16, 2025
/CNW/ -
i-80 Gold Corp. (TSX:IAU) (NYSE American:IAUX) ("i-80" or the
"Company")
is pleased to announce the closing of its previously announced bought deal public offering, pursuant to
which the Company issued 345,760,000 units (the "Units") at a price of
US$0.50
per Unit for aggregate gross
proceeds, including exercise of the over-allotment option, of
US$172,880,000
(the "Offering"). Each Unit is comprised
of one common share (a "Common Share") and one-half of one Common Share purchase warrant (each whole
warrant, a "Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share at a price of
US$0.70
until
November 16, 2027
.
In addition to the Offering, the Company intends to complete a private placement of 22,240,000 Units (the "Concurrent
Private Placement") on the same terms as the Offering, for aggregate gross proceeds of
US$11,120,000
. The
Offering and the Concurrent Private Placement are expected to generate aggregate gross proceeds of
US$184,000,000
.
Pursuant to the Concurrent Private Placement, the Units will be sold to certain directors, officers and other current
individual shareholders of the Company and will be subject to a hold period of six months under applicable U.S.
securities laws, and a hold period of four months plus one day under applicable Canadian securities laws, from the
closing date of the Concurrent Private Placement. The closing of the Concurrent Private Placement is expected to
occur on or about May 20, 2025, pending the receipt of all required regulatory approvals.
The anticipated aggregate net proceeds of the Offering and the Concurrent Private Placement are intended to be used
on growth expenditures in support of i-80's new development plan in
Nevada
and for general working capital and
corporate purposes, as more particularly described in the respective U.S. and Canadian prospectus supplements in
connection with the Offering.
The Offering was led by National Bank Financial Inc. and Cormark Securities Inc. as co-bookrunners, together with
Canaccord Genuity Corp. and SCP Resource Finance LP. as co-lead underwriters, and BMO Nesbitt Burns Inc., RBC
Dominion Securities Inc., Scotia Capital Inc., Stifel Nicolaus Canada Inc. and Ventum Financial Corp.
The Offering was made in
the United States
pursuant to an effective shelf registration statement on Form S-3 (No.
333-286531) that was filed by i-80 with the Securities and Exchange Commission (the "SEC") on
April 14, 2025
, as
amended and declared effective by the SEC on
May 7, 2025
. A prospectus supplement, as amended, relating to the
Offering was filed with the SEC. The Offering was made in
Canada
pursuant to a prospectus supplement that was
filed in each of the provinces and territories, other than Québec, to the final base shelf prospectus dated
June 21,
2024
, that was filed with the securities regulators in each of the provinces and territories of
Canada
.
Copies of the U.S. prospectus supplement and the Canadian prospectus supplement, and the accompanying base
prospectuses, as applicable, may be obtained on the SEC's website at
http://www.sec.gov
and the SEDAR+ website
at
http://www.sedarplus.com
, respectively. An electronic or paper copy of the shelf prospectus supplements, the
corresponding base shelf prospectuses and any amendment to the documents may be obtained, without charge, from
National Bank Financial Inc., 130 King Street West, Suite 800,
Toronto, Ontario
M5X 1J9, by email at
or by telephone at (416) 869-8414 by providing the contact with an email address or
address, as applicable.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or jurisdiction.
About i-80 Gold Corp.
i-80 Gold Corp. is a
Nevada
-focused mining company committed to building a mid-tier gold producer through a new
development plan to advance its high-quality asset portfolio. The Company is the fourth largest gold mineral resource
holder in the state with a pipeline of high-grade exploration projects advancing towards feasibility and one operating
project ramping-up toward steady-state, all strategically located in
Nevada's
most prolific gold-producing trends.
Leveraging its fully permitted central processing facility following an anticipated refurbishment, i-80 Gold is executing a
hub-and-spoke regional mining and processing strategy to maximize efficiency and growth. i-80 Gold's shares are
listed on the Toronto Stock Exchange (TSX:IAU) and the NYSE American (NYSE:IAUX). For more information, visit
www.i80gold.com
.
Cautionary Statement Regarding Forward Looking Information
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 pertaining to the closing of the
Concurrent Private Placement, and the ability to obtain necessary regulatory approvals, including those of the NYSE
and TSX for the Concurrent Private Placement, the intended use of proceeds from the Offering and the Concurrent
Private Placement, the Company's ability to execute on its new development plan, advance its assets through
feasibility toward construction and production, realize its exploration potential, transform into a mid-tier gold producer
over the coming years, and become the next major gold story in
Nevada
. Furthermore, forward-looking statements are
necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company
as of the date of such statements, are inherently subject to significant business, economic and competitive
uncertainties and contingencies. 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 or as of the dates specified in such statements,
and are expressly qualified in their entirety by this cautionary statement. The Company disclaims any intention or
obligation to update or revise any forward-looking statements, whether as a result of new information, future events or
otherwise except as required by applicable law.
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: delays to the closing of the Concurrent
Private Placement, the receipt of regulatory approvals and the use of proceeds being applied differently than
anticipated or disclosed, 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 labor unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver
anticipated results or results that would justify and support continued exploration, studies, development or operations.
For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from
those expressed or implied by such forward-looking statements, please see "Risks Factors" in the Annual Report on
Form 10-K for the fiscal year ended
December 31, 2024
for more information regarding risks pertaining to the
Company, which is available on EDGAR at
www.sec.gov/edgar
and SEDAR+ at
www.sedarplus.ca
. Readers are
encouraged to carefully review these risk factors as well as the Company's other filings with the U.S. Securities and
Exchange Commission and the Canadian Securities Administrators.
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SOURCE
i-80 Gold Corp
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For further information:
For further information, please contact: Leily Omoumi - Vice President, Corporate
Development & Strategy, Caterina De Rosa - Director, Investor Relations, [email protected], 1.866.525.6450,
www.i80gold.com
CO: i-80 Gold Corp
CNW 09:25e 16-MAY-25