- Equinox Gold (EQX) has announced a private placement offering of i-80 Gold units owned by Equinox for gross proceeds to Equinox Gold of C$32,016,000
- A syndicate of underwriters has agreed to purchase 11,600,000 units of i-80 Gold (TSX:EQX) at a price of C$2.76 per unit
- The offering is expected to close on March 28, 2023
- Equinox Gold is a growth-focused mining company with projects in Canada, the USA, Mexico and Brazil.
- Equinox Gold Corp. (EQX) opened trading at C$4.84
Equinox Gold (EQX) has announced a private placement offering of i-80 Gold units owned by Equinox for gross proceeds to Equinox Gold of C$32,016,000.
A syndicate of underwriters has agreed to purchase 11,600,000 units of i-80 Gold (TSX:IAU) at a price of C$2.76 per unit. Each unit consists of one common share of i-80 Gold Corp. and one-half of one common share purchase warrant of i-80 Gold. Each whole warrant is exercisable to purchase one additional common share of i-80 Gold owned by Equinox Gold at a price of C$3.45 per share for a period of 12 months following the closing of the offering.
In the event all warrants are exercised, the total gross proceeds to Equinox Gold would be C$52,026,000.
All securities issued will be subject to a statutory four-month hold period.
Prior to the offering, Equinox Gold and its affiliates owned 60,841,282 common shares of i-80 Gold. If all of the warrants are exercised, Equinox Gold and its affiliates will own 43,441,282 common shares of i-80 Gold, representing approximately 17.6 per cent of the company’s shares.
The offering is expected to close on March 28, 2023. i-80 Gold will not receive any proceeds from the offering.
Equinox Gold remains a shareholder of i-80 Gold and does not currently plan to make any additional changes to its stake in the company.
Equinox Gold is a growth-focused mining company with projects in Canada, the USA, Mexico and Brazil.
Equinox Gold Corp. (EQX) opened trading at C$4.84.