I-80 Gold Prices Upsized $250 Million Convertible Notes Offering

By Robb M. Stewart

I-80 Gold boosted the size of its planned sale of convertible bonds and priced the conversion rate at what represents a premium to the last closing price for its shares.

The Nevada-focused gold miner said Thursday it plans to offer $250 million of convertible senior notes due 2031, or up to $287.5 million if an option granted to initial purchasers to buy additional notes is exercised. That is up from the up-to-$230 million in notes it had intended to sell.

The notes will bear cash interest paid semi-annually at a rate of 3.75% a year.

The Canadian company said the initial conversion rate on the notes will be 519.4805 shares for $1,000 worth of notes. That is equivalent to an initial price of about $1.93 a share, a 38% premium to the last closing price for on the NYSE American's boards.

In premarket trading, i-80's shares were down 5.0% at $1.33, building on the 17% drop Wednesday after plans for the offering were announced. In Toronto, the shares last closed at C$1.84, up 70% over the last year but down 22% in the past week.

I-80 Gold intends to use the proceeds from its offering to advance work on gold projects through various stages of development, refurbish a processing plant, and fund resource expansion and drilling.

The offering is expected to close on or about Monday.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

March 19, 2026 07:52 ET (11:52 GMT)