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i-80 Gold Announces Closing of Upsized US$65 Million Private Placement
RENO, Nev., Feb. 22, 2023 /CNW/ - i-80 GOLD CORP. (TSX: IAU) (NYSE: IAUX) ("i-80", or the "Company") is pleased to announce the closing of the previously announ
About this update from I-80 Gold Corp
[{"type":"text","content":" RENO, Nev., Feb. 22, 2023 /CNW/ - i-80 GOLD CORP. (TSX: IAU) (NYSE: IAUX) (\"i-80\", or the \"Company\") is pleased to announce the closing of the previously announced upsized \"best efforts\" private placement offering (the \"Offering\") of US$65,000,000 principal amount of secured convertible debentures (the \"Convertible Debentures\") of the Company (see press releases dated February 2, 2023 and February 3, 2023). The Offering was led by Sprott Capital Partners LP and CIBC World Markets Inc., as co–lead agents, on behalf of themselves and Stifel Nicolaus Canada Inc., National Bank Financial Inc., Canaccord Genuity Corp., RBC Capital Markets Inc., Scotia Capital Inc. and Cormark Securities Inc. The Convertible Debentures will bear a fixed interest of 8.00% per annum and will mature on February 22, 2027, being the date that is four years from the Offering closing date (the \"Maturity Date\"). The Convertible Debentures will be the senior unsecured obligation of the Company, and will be secured on a limited recourse basis by Premier Gold Mines USA, Inc., the Company's wholly-owned subsidiary, with recourse limited to a pledge of all present and future limited liability company units issued by its wholly-owned subsidiary, Au-Reka Gold LLC (\"Au-Reka\"). The Convertible Debentures will be guaranteed on a full recourse basis by Au-Reka which is secured by a first ranking security over all of Au–Reka's present and future real and personal property (including the McCoy-Cove project). The Convertible Debentures are not redeemable prior to the Maturity Date; provided, however, that, if the Company has not executed the security documents relating to the security being provided in connection with the Offering within 90 days from the date hereof, the Company shall be obligated to repurchase the Convertible Debentures, by the date that is 120 days from the date hereof, at a price equal to 100% of the principal amount of the Convertible Debentures then outstanding plus any accrued and unpaid interest thereon up to and including the date of redemption. Ewan Downie, John Seaman and Matthew Gollat, each of whom is a director and/or officer of the Company, subscribed for US$150,000, US$50,000 and US$25,000, respectively, in principal amount of Convertible Debentures under the Offering (the \"Insider Participation\"). Each of the subs...