The underwriters also have an overallotment option to buy 15% of the base offering for additional proceeds to the company of up to C$15 million, taking the potential gross proceeds to C$115 million.
Net proceeds of the offering, as detailed in a company news release Monday, will go towards its mineral properties based in Nevada.
i-80, which spun out of Equinox Gold in 2021, currently has four projects in the No.1 gold-producing US state, with a combined 6 million oz. of measured and indicated resources and 8 million oz. of inferred resources. This makes it the second-largest holder of gold resources in central Nevada after Barrick-Newmont’s NGM joint venture.
By 10:15 a.m. ET, i-80 Gold has erased most of its losses, trading at C$1.63 with a market capitalization of C$510 million ($376m).
