i-80 Gold Corp. announced an upsizing of its previously disclosed prospectus offering, increasing the target from US$10 million to US$20 million, equivalent to C$29 million. The offering will now distribute a minimum of 18,000,000 common shares at C$0.80 per share, aiming for minimum gross proceeds of C$14,400,000, with a maximum of 36,250,000 shares for up to C$29,000,000.
Concurrently with the public offering, the company will complete a private placement of up to 1,004,208 subscription receipts at C$0.80 per receipt, targeting gross proceeds of up to C$803,367. This private placement will involve certain directors and officers of the company, with the proceeds intended for working capital and general corporate purposes.
The offering is expected to close on or about January 31, 2025, pending all required regulatory approvals, including those from the Toronto Stock Exchange and the NYSE American. This capital raise is a crucial step in the company's recapitalization plan, designed to unlock the value of its high-grade gold deposits and advance its goal of becoming a Nevada mid-tier gold producer.
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