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(Kitco News) - i-80 Gold (TSX: IAU) (NYSE: IAUX) announced yesterday that a syndicate of underwriters has agreed to purchase on a bought deal private placement basis, 11,852,000 common shares of the company at a price of C$2.70 per offered share for gross proceeds of C$32.0 million.
The company also granted the underwriters an option, on the same terms and conditions as the offering, exercisable until the second business day prior to the closing date of the offering, to purchase up to an additional 15% of the offering.
If the underwriters’ option is exercised in full, the aggregate gross proceeds to i-80 of the offering would be C$36.8 million.
According to a press release, the net proceeds from the offering will be directed towards the upcoming milestone payment for the Ruby Hill project, drilling expenditures for Ruby Hill, Granite Creek and Cove, permitting expenses and the further development of Granite Creek project.
i-80 said that its cornerstone shareholders, including Orion Mine Finance and Equinox Gold, and members of the company’s board of directors and management team intend to participate in the offering.
i-80 Gold is a Nevada-focused, mining company with a goal of achieving mid-tier gold producer status through the development of multiple deposits within the company’s advanced-stage property portfolio with processing at i-80’s centralized milling facilities.
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