LAKEWOOD, Colo., Dec. 2, 2016 /PRNewswire/ -- Pershing Gold
Corporation (NASDAQ: PGLC) (TSX: PGLC) (FWB: 7PG1) ("Pershing Gold"
or the "Company"), the emerging Nevada gold producer advancing the Relief
Canyon mine, today announced the pricing of its
previously-announced public offering. The offering consists of
2,205,883 shares of common stock at $3.40 per share for a total of approximately
$7.5 million before the underwriter's
discount and expenses.
Pershing Gold intends to use the net proceeds from the offering
for advancing the Relief Canyon project, capital expenditures,
working capital and general corporate purposes.
Laidlaw & Company (UK) Ltd. acted as the sole book-running
manager for the offering. Euro Pacific Capital Inc., Rodman
& Renshaw, and ROTH Capital Partners, LLC also served as
advisors on the transaction.
The Company has granted the underwriter an option for a period
of up to 45 days from December 1,
2016 to purchase up to an aggregate of 330,882 shares of the
Company's common stock to cover overallotments.
A registration statement relating to these securities was
previously filed on Form S-3 (File No. 333-211910) with the
Securities and Exchange Commission (the "SEC"), and was declared
effective by the SEC on June 29,
2016. A final prospectus relating to the offering may be
obtained on the SEC's website located at www.sec.gov, and
electronic copies of the final prospectus may also be obtained from
Laidlaw & Company (UK) Ltd., Attention: Syndicate Department,
546 Fifth Avenue, New York, NY
10036, by telephone at (212) 953-4900 or by email at
syndicate@laidlawltd.com.
The Company shall apply to list the shares of common stock on
NASDAQ and the Toronto Stock Exchange ("TSX"). For the purposes of
TSX approval, the Company intends to rely on the exemption set
forth in Section 602.1 of the TSX Company Manual, which provides
that the TSX will not apply its standards to certain transactions
involving eligible interlisted issuers.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Pershing Gold Corporation
Pershing Gold is an
emerging gold producer whose primary asset is the Relief
Canyon Mine in Pershing County,
Nevada. Relief Canyon includes three historic open-pit mines
and a state-of-the-art, fully permitted and constructed heap-leach
processing facility. Pershing Gold is currently permitted to resume
mining at Relief Canyon under the existing Plan of Operations.
Pershing Gold's landholdings cover approximately 25,000 acres
that include the Relief Canyon Mine asset and lands surrounding the
mine in all directions. This land package provides Pershing Gold
with the opportunity to expand the Relief Canyon Mine deposit and
to explore and make new discoveries on nearby lands.
Forward-Looking Statements
This press release contains
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and applicable Canadian
securities laws regarding the proposed public offering and the
intended use of proceeds from the offering. These forward-looking
statements are subject to risks and uncertainties that may cause
actual results to differ materially, including market conditions,
risks associated with the cash requirements of our business and
other risks detailed from time to time in our filings with the
Securities and Exchange Commission and on SEDAR at www.sedar.com,
and represent our views only as of the date they are made and
should not be relied upon as representing our views as of any
subsequent date. We do not assume any obligation to update any
forward-looking statements.
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SOURCE Pershing Gold Corporation