i-80 Gold Prices US$250M Convertible Notes at 3.75% with US$1.93 Conversion
i-80 Gold priced an upsized US$250 million convertible senior notes issue due 2031, yielding 3.75% with a conversion price of US$1.93 per share (37.5% premium to yesterday’s closing price). Net proceeds will fund project development, Lone Tree plant refurbishment and resource expansion drilling.
1. Offering Details
i-80 Gold has upsized its convertible senior notes offering to US$250 million aggregate principal due 2031, with an overallotment option raising potential proceeds to US$287.5 million. The notes will bear cash interest at 3.75% per annum, payable semi-annually.
2. Conversion Terms
The initial conversion rate is set at 519.4805 common shares per US$1,000 principal amount, equivalent to a US$1.93 per share conversion price. This represents a premium of approximately 37.5% over the previous trading day’s closing share price and is subject to customary adjustment events.
3. Use of Proceeds
Net proceeds from the offering are earmarked to advance multiple gold projects, refurbish the Lone Tree processing plant, and fund resource expansion and infill drilling, in addition to general corporate and working capital purposes.
4. Closing Conditions
The transaction is expected to close on or about March 23, 2026, subject to customary closing conditions, including approval by the Toronto Stock Exchange and the NYSE American.