i-80 Gold arranges $200M (U.S.) senior note offering

Executive Summary

• i-80 Gold Corp. has launched an offering of $200 million in aggregate principal amount of unsecured convertible senior notes due 2031.
• The company has granted an option to the initial purchasers to buy up to an additional $30 million in notes over a 20-day period.
• Net proceeds will be used to advance five gold projects, refurbish the Lone Tree processing plant, finance resource expansion and infill drilling, and for general corporate and working capital purposes.

Key Details

• Instrument: Unsecured convertible senior notes due 2031.
• Principal Amount: $200 million (U.S.).
• Over-Allotment Option: Initial purchasers have an option to purchase up to an additional $30 million (U.S.) in aggregate principal amount of notes for a period of 20 days.
• Use of Proceeds:
  • Advance the company's five gold projects through various stages of development.
  • Refurbish the Lone Tree processing plant.
  • Finance resource expansion and infill drilling.
  • General corporate and working capital purposes.
• Interest Terms: The notes will bear cash interest payable semi-annually at a fixed rate.
• Conversion Terms: The notes are convertible by holders into i-80 Gold common shares. The initial conversion rate and interest rate are to be determined by i-80 Gold and the initial purchasers, dependent on market conditions at pricing.
• Redemption/Repurchase:
  • i-80 Gold may redeem the notes at its option in certain circumstances.
  • Holders have the right to require i-80 Gold to repurchase their notes upon the occurrence of certain events.
• Closing Conditions: The offering is subject to customary closing conditions, including approval from the Toronto Stock Exchange and the NYSE American.