**i-80 Gold Enters into Settlement Agreement with Convertible Debenture Holders**

On January 13, 2025, i-80 Gold Corp. (NYSE:IAUX) finalized a Settlement Agreement with The K2 Principal Fund L.P. and Condire Resources Master Partnership, LP. As per the agreement, the company is obligated to propose three distinct amendments to the terms of its $65 million convertible debentures issued on February 22, 2023.

The first amendment focuses on altering the conversion price for noteholders, tying it to the volume-weighted average price of the company’s common shares on the Toronto Stock Exchange (TSX) over five trading days preceding the conversion date, minus a 15% discount, converted into USD. Corresponding adjustments will be made to allow the company to convert interest payments into common shares at a 15% discounted market price.

Currently secured by the McCoy-Cove project, the second amendment eliminates the company’s ability to grant security on a pari-passu basis against the project, positioning Convertible Debenture holders as senior secured creditors with any extra debt subordinate.

The final amendment introduces a new redemption option, enabling the company to redeem the Convertible Debentures for cash at its discretion at a 104% premium of the outstanding principal and accrued interest up to the redemption date. This amendment offers the company greater flexibility as it progresses with its previously announced recapitalization plans.

Additionally, the Settlement Agreement involves waiving an event of default under the Indenture related to a forward-looking minimum cash requirement in agreements with Orion Gold Prepay Agreement and Silver Purchase and Sale Agreement. However, this waiver is contingent upon the proposed amendments being implemented by February 28, 2025, subject to the approval of relevant entities, including a committee of the Convertible Debenture holders, TSX, and NYSE American.

In a separate development on January 15, 2025, i-80 Gold Corp. and related entities entered into an Amended and Restated Convertible Credit Agreement with Orion Mine Finance Fund III LP. This agreement aims to extend the expiry date of a credit facility to June 30, 2026, securing obligations on a subordinated basis with the Silver Purchase and Sale Agreement and requiring additional security involving Ruby Hill and Granite Creek projects by March 31, 2025.

The company issued 5,000,000 common share purchase warrants to Orion Finance, exercisable at C$1.01 until January 15, 2029. These warrants, along with the underlying shares, remain unregistered under the U.S. Securities Act of 1933.

These recent agreements outline i-80 Gold’s strategic steps towards fortifying its financial position and pursuing its operational goals.

This content constitutes designated news releases outlined in the Company’s prospectus supplement dated August 12, 2024, and emphasizes the ongoing endeavors of i-80 Gold in the mining sector. Investors are advised to refer to official filings for comprehensive information before making any financial decisions.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read i-80 Gold’s 8K filing here.

i-80 Gold Company Profile

i-80 Gold Corp. is a mining company, engages in the exploration, development and production of gold and silver mineral deposits principally in the United States. i-80 Gold Corp. is based in Reno, Nevada.