i-80 Gold Corp. Closes C$115 Million Bought Deal Public Offering
i-80 Gold Corp. Closes C$115 Million Bought
Deal Public Offering
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
/
RENO, Nev.
,
May 1, 2024
/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 of an aggregate of 69,698,050 units (each, a "
Unit
") at a price of
C$1.65
per Unit for
aggregate gross proceeds to the Company of approximately
C$115 million
(the "
Offering
"),
including the full exercise of the over-allotment option.
Each Unit consists of one common share in the capital of the Company (each, a "
Common Share
")
and one-half of one Common Share purchase warrant of the Company (each whole Common Share
purchase warrant, a "
Warrant
"). Each Warrant is exercisable to acquire one Common Share (each,
a "
Warrant Share
") for a period of 48 months from closing of the Offering at an exercise price of
C$2.15
per Warrant Share.
The Offering was led by National Bank Financial Inc. as lead underwriter and sole bookrunner,
together with Canaccord Genuity Corp. and Stifel Nicolaus Canada Inc. as co-lead underwriters, and
BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., Scotia Capital Inc., Cormark Securities Inc.
and PI Financial Corp. (collectively, the "
Underwriters
"). The Underwriters were paid a cash
commission equal to 5% of the gross proceeds of the Offering, excluding proceeds from sales of
Units to certain president's list purchasers.
The Offering was completed pursuant to a short form prospectus dated
April 25, 2024
(the
"
Prospectus
") in all of the provinces of
Canada
, except the province of Québec, and offered in
the
United States
to "qualified institutional buyers" pursuant to an exemption from registration under the
United States Securities Act of 1933, as amended (the "
U.S. Securities Act
") and in those other
jurisdictions outside
Canada
and
the United States
pursuant to exemptions from prospectus and
registration requirements.
The net proceeds of the Offering will be used to advance the development of the Company's mineral
properties and for general corporate purposes, as more particularly described in the Prospectus.
Certain directors and officers of the Company named below (collectively, the "
Insiders
") purchased
an aggregate of 300,000 Units pursuant to the Offering (the "
Insider Participation
"). Participation
by the Insiders in the Offering was considered a "related party transaction" pursuant to Multilateral
Instrument 61-101 –
Protection of Minority Security Holders in Special Transactions
("
MI 61-101
").
The Company was exempt from the requirements to obtain a formal valuation or minority
shareholder approval in connection with the Insiders' participation in the Offering pursuant to sections
5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value of any securities issued to, nor the
consideration paid by, the Insiders exceeded 25% of i-80's market capitalization. The Company did
not file a material change report relating to the Insider Participation more than 21 days before the
expected closing date of the Offering as the details of the Insider Participation was not settled at
such time.
Insider
Insider Relationship
Units Purchased (#)
Amount (C$)
Ewan Downie
Director and Senior Officer of i-80
60,000
C$99,000
Matthew Gollat
Senior Officer of i-80
60,000
C$99,000
Matthew Gili
Senior Officer of i-80
30,000
C$49,500
Ryan Snow
Senior Officer of i-80
50,000
C$82,500
Curtis Turner
Senior Officer of i-80
20,000
C$33,000
Ron Clayton
Director of i-80
80,000
C$132,000
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 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.
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 Corp.'s common
shares are listed on the TSX and the NYSE American under the trading symbol IAU: TSX and IAUX:
NYSE American. Further information about i-80 Gold Corp.'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, the use of
proceeds in connection with the Company's material properties. 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: 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 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:
Ewan Downie - CEO, Matt Gili - President & COO, Matthew Gollat -
Executive Vice-President, 1.866.525.6450
CO: i-80 Gold Corp
CNW 08:59e 01-MAY-24