/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
RENO,
Nev., Aug. 1, 2023 /CNW/ - i-80 GOLD
CORP. (TSX: IAU) (NYSE: IAUX) ("i-80", or the
"Company") is pleased to announce the closing of its
previously announced "bought deal" brokered private placement
offering (the "Offering") of an aggregate of 13,629,800
common shares of the Company (the "Common Shares") at a
price of C$2.70 per Common Share for
aggregate gross proceeds to the Company of C$36,800,460, including the exercise in full of
the underwriters' option. The Offering was led by CIBC Capital
Markets, as lead underwriter, on behalf of a syndicate of
underwriters that included Canaccord Genuity, National Bank
Financial Markets, SCP Resource Finance, Stifel GMP, BMO Capital
Markets, Cormark Securities, RBC Capital Markets and
Scotiabank.
The net proceeds received from the Offering are intended to be
used for the exploration, development and ramp-up (including
working capital) of the Company's mineral projects and for general
corporate purposes and working capital. Specifically, it is
intended that the funds raised will primarily be directed towards
the upcoming milestone payment for the Ruby Hill project, drilling
expenditures for Ruby Hill, Granite Creek and Cove, permitting
expenses and the further development of Granite Creek project.
The following "insiders" of the Company have subscribed for
Common Shares under the Offering (the "Insider
Participation"):
Insider
|
Insider
Relationship
|
Common
Shares
Purchased (#)
|
Subscription
Amount (C$)
|
Ewan Downie
|
Director and Senior
Officer of i-80
|
110,000
|
$297,000.00
|
Equinox Gold
Corp.
|
10% securityholder of
i-80
|
1,000,000
|
$2,700,000.00
|
Matthew Gili
|
Senior Officer of
i-80
|
12,194
|
$32,923.80
|
Matthew
Gollat
|
Senior Officer of
i-80
|
18,518
|
$49,998.60
|
Christina
McCarthy
|
Director of
i-80
|
3,704
|
$10,000.80
|
Gregory
Smith
|
Director of
i-80
|
18,519
|
$50,001.30
|
Ryan Snow
|
Senior Officer of
i-80
|
21,600
|
$58,320.00
|
|
Totals
|
|
$3,198,244.50
|
Each of the subscriptions by an "insider" is considered to be a
"related party transaction" for purposes of Multilateral Instrument
61-101 – Protection of Minority Security Holders in Special
Transactions ("MI 61‑101"). The Insider
Participation is exempt from the formal valuation and minority
shareholder requirements under MI 61-101 in reliance upon the
exemptions contained in section 5.5(a) and 5.7(1)(a), respectively,
of MI 61-101 as the fair market value of the transaction, insofar
as it involves interested parties, is not more than the 25% of the
Company's market capitalization. The Company did not file a
material change report more than 21 days before the expected
closing date of the Offering as the details of the Offering and the
Insider Participation was not settled until shortly prior to the
closing of the Offering, and the Company wished to close the
Offering on an expedited basis for sound business reasons.
All securities issued under the Offering are subject to a hold
period expiring four months and one day from the date hereof. The
Offering is subject to final acceptance of the Toronto Stock
Exchange and the NYSE American.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities described
herein in the United States. The
securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and, accordingly,
may not be offered or sold within the
United States except in compliance with the registration
requirements of the U.S. Securities Act and applicable state
securities laws, unless an exemption from such registration is
available.
About i-80 Gold Corp.
i-80 Gold Corp. 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.
i-80 Gold's common shares are listed on the TSX and the NYSE
American under the trading symbol IAU:TSX and
IAUX:NYSE. Further information about i-80 Gold's portfolio
of assets and long-term growth strategy is available at
www.i80gold.com or by email at info@i80gold.com.
Certain statements in this release constitute "forward-looking
statements" or "forward-looking information" within the meaning of
applicable securities laws, including but not limited to,
statements regarding the use of proceeds of the Offering and the
timing and ability of the Company, if at all, to obtain final
approval of the Offering from the Toronto Stock Exchange and the
NYSE American. Such statements and information involve known and
unknown risks, uncertainties and other factors that may cause the
actual results, performance or achievements of the company, its
projects, or industry results, to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements or information. Such statements can
be identified by the use of words such as "may", "would", "could",
"will", "intend", "expect", "believe", "plan", "anticipate",
"estimate", "scheduled", "forecast", "predict" and other similar
terminology, or state that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved. These statements reflect the Company's current
expectations regarding future events, performance and results and
speak only as of the date of this release.
Forward-looking statements and information involve significant
risks and uncertainties, should not be read as guarantees of future
performance or results and will not necessarily be accurate
indicators of whether or not such results will be achieved. A
number of factors could cause actual results to differ materially
from the results discussed in the forward-looking statements or
information, including, but not limited to: the failure to obtain
the final acceptance of the Offering from the Toronto Stock
Exchange and the NYSE American; material adverse changes;
unexpected changes in laws, rules or regulations, or their
enforcement by applicable authorities; the failure of parties to
contracts with the company to perform as agreed; social or labour
unrest; changes in commodity prices; and the failure of
exploration, refurbishment, development or mining programs or
studies to deliver anticipated results or results that would
justify and support continued exploration, studies, development or
operations.
SOURCE i-80 Gold Corp