LAKEWOOD, Colo., Dec. 19, 2017 /PRNewswire/ -- Pershing Gold
Corporation (NASDAQ:PGLC), (TSX:PGLC), (FWB:7PG1) ("Pershing Gold"
or the "Company"), an emerging Nevada gold producer, today announced the
closing of an underwritten public offering of 2,794,500 shares of
its common stock at a price of US$2.80 per share which includes warrants to
purchase up to 1,117,800 shares of its common stock and full
exercise of the underwriters' over-allotment option.
Concurrently with the public offering of common stock and
warrants, the Company has closed a private placement of an
aggregate of 2,347,236 shares of its common stock and warrants to
purchase 938,891 shares at the same price as the shares of common
stock and warrants sold to the public in the public offering (with
the exception of one director, who purchased shares and warrants at
a higher price in compliance with Nasdaq rules).
The gross proceeds from the public offering and private
placement, before deducting underwriting commissions, placement
fees and other estimated offering expenses payable by Pershing
Gold, will be approximately US$14.6
million.
The Company intends to use the proceeds from the public offering
and the private placement to advance its Relief Canyon project,
including pre-construction and development and exploration drilling
to expand mineralization at Relief Canyon and/or for general
corporate purposes.
"We are excited to successfully complete this public offering,
which will allow us to further advance development and exploration
of our Relief Canyon project", commented Pershing Gold's President
and Chief Executive Officer, Stephen
Alfers.
Canaccord Genuity Corp. ("Canaccord Genuity"), BMO Nesbitt Burns
Inc. ("BMO Capital Markets") and Cantor Fitzgerald Canada
Corporation ("CFCC") acted as joint-bookrunners of the public
offering.
The public offering was made in the
United States through Canaccord Genuity, BMO Capital Markets
and CFCC's U.S. affiliates, Canaccord Genuity Inc., BMO Capital
Markets Corp. and Cantor Fitzgerald & Co., pursuant to a final
prospectus supplement and the accompanying prospectus under the
Company's effective shelf registration statement on Form S-3 (File
No. 333-211910) that was filed with the United States Securities
and Exchange Commission ("SEC") and declared effective by the SEC
on June 29, 2016, and in Canada pursuant to a prospectus supplement to
the Company's (final) short form base shelf prospectus dated
March 14, 2017, filed with the
securities regulators in each of the Provinces of Canada other than Quebec.
Copies of these documents are available at www.sec.gov and
www.sedar.com, respectively.
In obtaining the approval of the Toronto Stock Exchange of the
offerings, the Company relied on the exemption set forth in Section
602.1 of the TSX Company Manual available to "Eligible Interlisted
Issuers", since the Company's common stock are also listed on the
NASDAQ Global Market and had less than 25% of the overall trading
volume of its listed securities occurring on all Canadian
marketplaces in the twelve months immediately preceding the date on
which application was made to TSX to approve the offerings.
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.
Pershing Gold is listed on the NASDAQ Global Market and the
Toronto Stock Exchange under the symbol PGLC and on the Frankfurt
Stock Exchange under the symbol 7PG1.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995
regarding the anticipated use of proceeds of the offerings. 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 SEC, 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 assume no obligation to update
any forward-looking statements contained or reference in this press
release.
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SOURCE Pershing Gold Corporation