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i-80 Announces US$20 Million Gold Prepay Accordion with Orion Mine Finance
i-80 Announces US$20 Million Gold Prepay Accordion with Orion Mine Finance Canada NewsW...
About this update from I-80 Gold Corp
[{"type":"text","content":"\n \n \n \n i-80 Announces US$20 Million Gold Prepay Accordion with Orion Mine Finance\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n All dollar figures are in\n \n United States\n \n dollars unless otherwise stated\n \n \n \n \n \n RENO, Nev.\n \n \n ,\n \n \n Sept. 20, 2023\n \n \n /CNW/ -\n \n i-80 GOLD CORP.\n \n (TSX: IAU) (NYSE: IAUX)\n \n (\"i-80\", or the \"Company\")\n \n , is pleased to announce that it has entered into an amended and restated gold prepay purchase and sale agreement (the \"A&R Gold Prepay Agreement\") with an affiliate of Orion Mine Finance (\"Orion\"), pursuant to which the Company has received aggregate gross proceeds of\n \n $20 million\n \n (the \"2023 Gold Prepay Accordion\") structured as an additional accordion under the existing gold prepay agreement (the \"2021 Gold Prepay Agreement\") between the Company and Orion (see the Company's news releases dated\n \n December 14, 2021\n \n and\n \n April 13\n \n , 2022).  The existing\n \n $50 million\n \n accordion feature remains in place in the A&R Gold Prepay Agreement.\n \n \n \n \n \n \n \n \n \n The proceeds from the 2023 Gold Prepay Accordion are expected to be used to support the development, expansion and working capital, exploration, and capital expenditure requirements of the Company's portfolio of precious metals and poly-metallic assets.\n \n \n The 2023 Gold Prepay Accordion will be repaid through the delivery by i-80 to Orion of 13,333 troy ounces of gold over a period of 12 quarters, being 1,110 troy ounces of gold per quarter over the delivery period with the first delivery being 1,123 troy ounces of gold. The first delivery will occur on\n \n March 31, 2024\n \n , and the last delivery will occur on\n \n December 31, 2026\n \n . Obligations under the A&R Gold Prepay Agreement, including the 2023 Gold Prepay Accordion, are senior secured obligations of the Company and its wholly-owned subsidiaries Ruby Hill Mining Company, LLC and Osgood Mining Company, LLC and secured against the R...