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 in gross proceeds before
deducting the underwriter's discount and expenses and assuming no
exercise of the overallotment option. The Company has granted the
underwriter an option for a period of up to 45 days from
December 2, 2016 to purchase up to an
aggregate of 330,882 shares of the Company's common stock to cover
overallotments. The offering is expected to close on or about
December 7, 2016, subject to
customary closing conditions.
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 acted as
financial advisors to the Company in connection with the
offering.
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.
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 will be
filed with the SEC and 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 has applied 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