i-80 Gold (TSX: IAU | NYSE: IAUX) has amended and restated the gold prepay purchase and sale agreement with an affiliate of Orion Mine Finance. i-80 has received gross proceeds of US$20M structured as an additional accordion under the existing gold prepay agreement. An existing US$50m accordion feature remains in place in the gold prepay agreement.
The proceeds will be used to advance i-80’s portfolio of projects, which are focused in Nevada, USA with its Ruby Hill, Granite Creek, Buffalo Mountain, and McCoy-Cove project. Ore production is to begin within the next two years. The ore is to be processed at the Lone Tree mill when it is refurbished.
The new prepay accordion will be repaid when i-80 delivers 13,333 troy ounces of gold over three years, with about 1,110 troy ounces meant to be delivered per quarter with the first delivery due at the end of March in 2024.
i-80 has also issued to Orion warrants to purchase up to almost 3.75M common shares at a price of C$3.17 per share until 20 September 2026. They will be subject to a customary Canadian statutory four month hold period from the date of issue.
The company has also applied to the Toronto Stock Exchange to extend the expiry date of 5.5M i-80 warrants at C$3.28 each for another 12 months, making the expiry date 13 December 2025. The issuance of the New Warrants and the extension of the expiry date of the existing warrants remain subject to final acceptance by the TSX and the NYSE American upon satisfaction of customary post-closing conditions.
For further information, please visit: www.i80gold.com
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