US-based mining company i-80 Gold will raise a total of $184m through a bought deal public offering and a concurrent private placement.
The proceeds are earmarked for the company’s growth initiatives, particularly advancing a new development plan in Nevada, as well as for general corporate purposes.
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The previously announced public offering saw the issuance of 345.76 million units at $0.50 each, resulting in gross proceeds of $172.88m, including the full exercise of the over-allotment option.
Each unit consists of one common share and half of one common share purchase warrant, with each full warrant allowing the purchase of an additional common share at $0.70 until 16 November 2027.
In addition to the public offering, i-80 Gold is undertaking a private placement of 22.24 million units to generate an additional $11.12m.
This private placement mirrors the terms of the public offering and involves certain directors, officers and individual shareholders.
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By GlobalDataSubject to regulatory approvals, the private placement is expected to close around 20 May 2025 and will adhere to a six-month US and a four-month plus one-day Canadian hold period.
The offering was spearheaded by National Bank Financial and Cormark Securities as co-bookrunners, alongside Canaccord Genuity and SCP Resource Finance as co-lead underwriters.
Other financial institutions including BMO Nesbitt Burns, RBC Dominion Securities, Scotia Capital, Stifel Nicolaus Canada and Ventum Financial also played key roles.
The public offering was facilitated by a shelf registration statement filed with the Securities and Exchange Commission on 14 April 2025, which became effective on 7 May 2025.
The Canadian prospectus supplement was filed in all provinces and territories excluding Québec, based on the final base shelf prospectus dated 21 June 2024.
Last year, in May, i-80 Gold closed its bought deal public offering, raising around C$115m ($83.8m).
