Post by
AlwaysLong683 on Jul 18, 2023 5:19pm
Told Ya
Share dilution....dilution....and more dilution as IAU will be spending a lot of money exploring multiple projects simultaneously. How many more equity raises before they even complete a feasibility study on any of their new projects, much less get full financing for mining them if any are found to be able to be mined profitably...?
Excerpt from today's Press Release (after market close):
i-80 GOLD CORP. is pleased to announce that it has entered into an agreement with CIBC Capital Markets as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters pursuant to which the Underwriters have agreed to purchase on a bought deal private placement basis, 11,852,000 common shares of the Company at a price of $2.70 per Offered Share for gross proceeds of $32.0 million.
The Company has granted the Underwriters an option, on the same terms and conditions as the Offering, exercisable until the second business day prior to the closing date of the Offering, to purchase up to an additional 15% of the Offering (“Underwriters’ Option”). If the Underwriters’ Option is exercised in full, the aggregate gross proceeds to i-80 of the Offering would be $36.8 million.
IAU closed today at 2.99.
Comment by
metalhead666 on Jul 18, 2023 5:37pm
I've been warning of this since it was $3 US....too many irons in the fire. They should have fast tracked ONE project and used cash flow to develop ....those deep drill holes cost a lot of money
Comment by
goldstd69 on Jul 18, 2023 10:14pm
sadly this is the mantra for most miners....it is endless....covers a lot of mistakes...sign of weakness in management imho...but I will still buy the stock on weakness even though disappointed at the ongoing dilution