i-80 Gold concludes capital raising to execute on strategy
Toronto-listed Premier Gold Mines subsidiary i-80 Gold has closed its previously announced private placement offering of 30 914 614 subscription receipts of i-80, raising about C$80.4-million.
"Upon closing of this financing, i-80 will have the balance sheet to execute on its business strategy,” stated Premier CEO Ewan Downie.
"We will be well positioned to rapidly advance this company immediately upon listing."
Premier will spin-out i-80 to shareholders upon the completion of a takeover by Equinox Gold.
i-80 will indirectly hold all Premier’s US-based assets, including the South-Arturo and McCoy-Cove properties in Nevada. Following completion of the arrangement, i-80 intends to complete Premier’s previously announced acquisition of the Getchell project, also in Nevada.
The offering was conducted on a marketed private placement basis through a syndicate of agents led by CIBC World Markets, and including Sprott Capital Partners, Stifel Nicolaus Canada, Canaccord Genuity, Scotia Capital, BMO Nesbitt Burns, Cormark Securities and RBC Dominion Securities.
The proceeds would be used by i-80 for working capital and general corporate purposes, to pay for exploration and development expenses related to i-80's mining projects, and to fund the cash portion of the purchase price for the acquisition of the Getchell project.
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