El Salvador lawmakers overturn mining ban in win for president
The legislation will grant the Salvadoran government sole authority over mining activities within the country's land and maritime territory.
Drawing a conclusion to the $135 million financing package announced on December 14, 2021, i-80 Gold (TSX: IAU) has closed the gold prepay and silver purchase and sale portions of its financing deal with Orion Mine Finance.
As previously arranged, the company would raise $45 million from a gold prepay purchase and sale agreement entered into with affiliates of Orion, and $30 million from a silver purchase and sale agreement, also with affiliates of Orion.
Combined with the previously completed financing segments, one of which involved Sprott Asset Management, i-80 now has approximately $165 million in cash and restricted cash. The entire financing package also provides for access to an additional $100 million potentially available via an accordion feature.
“The closing of the final pieces of the financing package has strengthened our balance sheet and positioned the company to advance our comprehensive plan to create a Nevada-focused gold mining company,” said i-80 CFO Ryan Snow in a news release.
At the time of signing the financing agreement, Snow said “the financing package will position i-80 to aggressively pursue the development of the company’s portfolio of advanced-stage deposits, all located in Nevada, one of the world’s most favorable mining jurisdictions.”
i-80 was formed in early 2021 as a spin-out company following Equinox Gold’s (TSX, NYSE: EQX) acquisition of Premier Gold Mines. The company started out with Premier’s interest in the South Arturo joint venture and a 100% ownership in the McCoy-Cove property, but later exchanged the former asset with Nevada Gold Mines to acquire NGM’s Lone Tree and Buffalo Mountain properties.
It also acquired the Granite Creek project from affiliates of Waterton Global Resource Management, and followed that up by acquiring Waterton’s Ruby Hill project.
i-80’s projects are all located on the Battle Mountain and Carlin trends. After NGM, the company is currently the largest holder of gold resources in central Nevada, with over 263 million measured and indicated tonnes averaging 0.76 g/t gold and 12.33 g/t silver, for 6.46 million oz. gold and 104.3 million oz. silver.
