i-80 Gold Corp (TSX: IAU) announced it is raising further funds for its operations this morning, which follows several financing rounds that have occurred over the last year. What’s more, the price to be paid under the offering is below the all-time low of the equity, despite being in a bullish gold cycle.
The financing is set to raise $85.6 million for the company under a bought deal offering, lead by National Bank. The raise will see units sold at a price of $1.65 per each, with units to consist of one common share and one half of a common share purchase warrant. Each warrant contains an exercise price of $2.15 per each and is valid for a period of four years from the date of issuance.
READ: Paycore Minerals To Be Acquired By i-80 Gold In All-Stock Deal
An over-allotment option for up to an additional $12.8 million in gross proceeds has also been issued.
The offering is expected to close on April 25, with gross proceeds to be used for the development of I-80’s mineral properties and for general corporate purposes.
I-80 Gold last traded at $1.61 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
