I-80 Gold Upsizes Convertible Notes Offering by 25%

By Chris Stiles • Wednesday, March 25 04:22 • Permanent Link

I-80 Gold upsized its convertible notes offering to US$250 million from the previously planned US$200 million, a 25% increase in size.

The unsecured notes due 2031 will carry a 3.75% cash interest rate, paid semi-annually. The initial conversion rate is 519.4805 common shares per US$1,000 of principal, implying an initial conversion price of about US$1.93 per share. That conversion price is roughly 37.5% above the stock’s closing price on the prior trading day.

If the underwriters exercise their option in full, the company could raise US$287.5 million, versus the earlier potential maximum of US$230 million.

The company said it plans to use the proceeds to advance its gold projects, refurbish the Lone Tree processing plant, fund resource expansion and infill drilling, and support general corporate and working capital needs. The offering is expected to close around March 23, 2026. Following these announcements, the company's shares moved 3.23%, and are now trading at a price of $1.60. For more information, read the company's full 8-K submission here.

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