National Bank 11:08 AM EDT, 05/02/2024 (MT Newswires) -- i-80 Gold's (IAU.TO) price target was cut to C$3.90 from C$4.00 and maintained at outperform after the company closed a C$115-million bought-deal financing, National Bank of Canada said Wednesday.
The offering was made up of 70-million units priced at $1.65 apiece and made up of a share and one-half of a four-year warrant to buy a second share for C$2.15.
After model updates, National Bank said its net asset value per share for i-80 eased 4% to $5.59 from $5.80 as the bank partially offset equity dilution by considering the company's exploration upside in light of ongoing drill success across its portfolio.
i-80 also has potential material resource updates pending, the bank said.
The company's shares were last seen down C$0.03 to C$1.67 on the Toronto Stock Exchange.