Equinox Gold announces bought deal private placement of i-80 Gold units

Equinox Gold (EQX) is pleased to announce it has entered into an agreement with a syndicate of underwriters pursuant to which the underwriters have agreed to purchase, on a bought deal private placement basis, 11.6M units at a price of C$2.76 per Unit for gross proceeds to Equinox Gold of C$32,016,000. Each Unit consists of one common share of i-80 Gold (IAUX) owned directly and indirectly by Equinox Gold and one-half of one common share purchase warrant of i-80 Gold, with each whole warrant exercisable to purchase one common share of i-80 Gold owned directly and indirectly by Equinox Gold at a price of C$3.45 per share for a period of 12 months following closing of the Offering. In the event all warrants are exercised, the total gross proceeds to Equinox Gold would be C$52,026,000. The Securities are being sold pursuant to exemptions from the Canadian prospectus requirements and will be subject to a four-month hold period. Immediately prior to the Offering, Equinox Gold and its affiliates owned 60,841,282 common shares of i-80 Gold representing approximately 24.7% of i-80 Gold. As a result of the Offering and prior to any exercise of the warrants, Equinox Gold and its affiliates’ ownership has decreased to 19.97% of the issued and outstanding 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% of i-80 Gold. The Offering is expected to close on March 28, 2023, subject to customary closing conditions. Net proceeds of the Offering will be paid directly to Equinox Gold. i-80 Gold will not receive any proceeds from the Offering. Equinox Gold remains a supportive shareholder of i-80 Gold and does not currently plan to make any additional changes to its interest in i-80 Gold.