Current Report Filing (8-k)
December 01 2016 - 4:12PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported): December
1, 2016 (November 29, 2016)
Pershing Gold Corporation
(exact name of registrant as specified in
its charter)
Nevada
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000-54710
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26-0657736
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(State or other jurisdiction
of incorporation)
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(Commission File Number)
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(IRS Employer
Identification No.)
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1658 Cole Boulevard
Building 6 – Suite 210
Lakewood, Colorado
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80401
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including
area code: (720) 974-7248
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(Former name or former address, if changed since last report)
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Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 8.01 Other Events
On November
29, 2016, we entered into a non-binding term sheet with Sprott Resource Lending (the “Lender”) pursuant to which the
Lender would provide a credit facility with a principal amount of up to $20 million (the “Facility”). Our ability to
draw down on the Facility is subject to the negotiation and execution of definitive agreements, completion by the Lender of its
due diligence review and the satisfaction of other customary closing conditions. The Facility, when completed, would be available
for up to three draws occurring during a period of five months following the closing date. As a condition to any such draw, we
would be required to raise equity financing not less than the amount drawn. Amounts drawn under the Facility would be secured by
a lien on the Relief Canyon mine and processing facilities and would bear interest at 9.0% per annum. Amounts drawn would mature
three years following the date drawn, with monthly principal payments commencing on the earlier of June 30, 2018 or upon achievement
of commercial production at the Relief Canyon Mine.
The proceeds
of the Facility would be used to advance the Relief Canyon project towards production. There is no assurance that definitive agreements
with respect to the Facility will be completed or that any amount will be drawn under the Facility.
SIGNATURE
Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: December 1, 2016
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PERSHING GOLD CORPORATION
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By:
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/s/ Eric Alexander
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Eric Alexander
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Vice President Finance and Controller
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