RENO, Nev. - i-80 Gold Corp (TSX:IAU) (NYSE:IAUX), a Nevada-based mining company with a market capitalization of $46.49 billion and impressive year-to-date returns of ~26%, has announced an agreement with National Bank Financial Inc. and Cormark Securities Inc. as co-bookrunners to purchase 270 million units of the company at $0.50 each, totaling $135 million in gross proceeds. According to InvestingPro data, the company has demonstrated strong financial performance with a 40% return over the past year. This bought deal offering also includes an over-allotment option for the underwriters to purchase up to an additional 15% of the units within 30 days from the closing date, potentially raising an extra $20.25 million. InvestingPro analysis reveals the company maintains a favorable P/E ratio of 3.72, suggesting potential value for investors. Subscribers can access additional insights and 5 more exclusive ProTips about i-80 Gold’s financial health and growth prospects.
Each unit sold comprises one common share and one-half of a common share purchase warrant. Holders of these warrants will have the right to buy one common share at a price of $0.70 for 30 months post-closing. The offering is expected to close around May 16, 2025, contingent upon customary corporate and regulatory approvals, including from the Toronto Stock Exchange and NYSE American.
The proceeds from this offering are earmarked for growth expenditures to support i-80’s development plan in Nevada, as well as for general corporate purposes. The details of the use of proceeds are further outlined in the U.S. and Canadian prospectus supplements to be filed on May 13, 2025.
i-80 Gold Corp, which ranks as the fourth largest holder of gold mineral resources in Nevada, aims to become a mid-tier gold producer. The company’s strategy involves advancing its high-grade exploration projects towards feasibility and ramping up one operating project to steady-state production. InvestingPro data confirms the company’s profitable status over the last twelve months, supporting its ambitious growth plans. The plan leverages a fully permitted central processing facility, which is expected to undergo refurbishment.
Investors in the United States and Canada can access the offering via a prospectus supplement and accompanying base shelf prospectus as per the effective shelf registration statement with the SEC and the final base shelf prospectus with Canadian securities regulators. The prospectus supplement will be filed in all Canadian provinces and territories except Quebec and will also be available to offshore investors through private placement.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in any jurisdiction where such an offer, solicitation, or sale would be unlawful. The information provided is based on a press release statement by i-80 Gold Corp.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.