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I-80 Gold will raise $184 million for Nevada development projects
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Release time：2025-05-20
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This buyback offering issued a total of 345.76 million shares at a price of $0.50 per share, for total proceeds of $172.88 million.
US mining company i-80 Gold will raise a total of $184 million through a public offering and a concurrent private placement. Proceeds will be used for the company's growth plans, particularly advancing new development projects in Nevada, and for general corporate purposes. The previously announced public offering involved 345.76 million shares at $0.50 per share, for gross proceeds of $172.88 million, including the full exercise of the over-allotment option. Each unit consists of one common share and one-half of a common share purchase warrant, with each whole warrant allowing the purchase of an additional common share at $0.70, expiring November 16, 2027.
In addition to the public offering, i-80 Gold will conduct a private placement of 22.24 million units to raise an additional $11.12 million. This private placement has the same terms as the public offering and involves certain directors, officers, and insiders. Subject to regulatory approvals, this private placement is expected to close around May 20, 2025, and will be subject to a six-month US hold period and a four-month-plus-one-day Canadian hold period.
The offering was led by National Bank Financial and Cormark Securities as joint bookrunners, with Canaccord Genuity and SCP Resource Finance as joint lead underwriters. Other financial institutions, including BMO Nesbitt Burns, RBC Dominion Securities, Scotia Capital, Stifel Nicolaus Canada, and Ventum Financial, also played key roles. This public offering was facilitated through a shelf registration statement filed with the US Securities and Exchange Commission on April 14, 2025, which became effective on May 7, 2025. A Canadian prospectus supplement was filed in all provinces and territories except Quebec, based on the final base prospectus dated June 21, 2024. Last May, i-80 Gold completed a bought deal public offering, raising approximately C$115 million (US$83.8 million).
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