Days after closing the Lone Tree complex acquisition, i-80 Gold Corp. (TSX: IAU) announced today that it has completed the acquisition of Ruby Hill mine from Waterton Nevada Splitter. The move is part of the firm’s comprehensive plan to put up a mining complex in Nevada.
Under the acquisition terms, the firm acquired the property for US$75 million in cash and 3,191,358 common shares, which is valued approximately at US$8 million. The transaction also includes future milestone payments of up to US$67 million, which could be reduced to US$47 million through an early payment option.
“The recent transactions to acquire Ruby Hill, Lone Tree, and Buffalo Mountain not only make i-80 one of the largest holders of gold and silver resources in the United States, but also positions the company to become one of Nevada’s most prominent producers with substantial processing infrastructure including an autoclave”, said i-80 Gold CEO Ewan Downie.
Ruby Hill mine last reported it hosts 3.2 million gold ounces of indicated resources and 1.9 million gold ounces of inferred resources.
The firm recently closed a $102.3 million concurrent private placement related to the asset exchange transaction with Nevada Gold Mines. The firm said proceeds of the financing are to be used partly to fund the acquisition of the Ruby Hill mine.
i-80 Gold last traded at $3.36 on the TSX.
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