Pretivm Announces Strategic Investment by Liberty Metals & Mining
April 23 2013 - 5:00AM
Marketwired
Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm") is pleased
to announce that it has entered into a subscription agreement with
Liberty Metals & Mining Holdings, LLC ("LMM"), a subsidiary of
Boston-based Liberty Mutual Insurance, to issue to LMM by way of a
private placement 5,780,346 common shares of Pretivm (the
"Purchased Shares") at a price per share of C$6.92 for gross
proceeds of approximately C$40 million (the "Offering"). The
purchase price is based on the volume-weighted average price of
Pretivm's common shares on the Toronto Stock Exchange for the
twenty trading days ended April 19, 2013. The Offering is scheduled
to close on or about April 26, 2013, subject to regulatory
approvals.
Pretivm intends to use the proceeds of the Offering to fund work
at its Brucejack Project, including the completion of the planned
10,000-tonne bulk sample and underground drilling program at the
Valley of the Kings, ongoing permitting activities, and the
acceleration of other activities which will advance the high-grade
gold Valley of the Kings into development.
Pursuant to the subscription agreement, LMM will be entitled to
nominate one person to be appointed to the board of directors of
Pretivm and will have a pre-emptive right to participate in any
future equity financings of Pretivm.
LMM is not permitted to trade the Purchased Shares for a period
of four months plus one day from the closing of the Offering. The
Purchased Shares described herein have not been, and will not be,
registered under the United States Securities Act of 1933, as
amended, and may not be offered or sold within the United States
absent registration or an applicable exemption from the
registration requirements of such Act.
About Pretivm
Pretivm is creating value through gold at its high-grade gold
Brucejack Project, located in northern British Columbia. Brucejack
hosts a major undeveloped high-grade gold resource and
mineralization remains open along strike and at depth. A
feasibility study for a high-grade underground mine in Brucejack's
Valley of the Kings is underway and expected in the second quarter
of 2013.
(SEDAR filings: Pretium Resources Inc.)
Forward-Looking Statements
This News Release contains "forward-looking information" and
"forward looking statements" within the meaning of applicable
Canadian and United States securities legislation. Forward-looking
information may include, but is not limited to, risks related to
satisfying conditions of the Offering, our planned exploration and
development activities, the adequacy of Pretivm's financial
resources, the estimation of mineral resources, realization of
mineral resource estimates, timing of development of Pretivm's
Brucejack Project, costs and timing of future exploration, results
of future exploration and drilling, production and processing
estimates, capital and operating cost estimates, timelines and
similar statements relating to the economic viability of the
Brucejack Project, timing and receipt of approvals, consents and
permits under applicable legislation, Pretivm's executive
compensation approach and practice, and adequacy of financial
resources. Wherever possible, words such as "plans", "expects",
"projects", "assumes", "budget", "strategy", "scheduled",
"estimates", "forecasts", "anticipates", "believes", "intends" and
similar expressions or statements that certain actions, events or
results "may", "could", "would", "might" or "will" be taken, occur
or be achieved, or the negative forms of any of these terms and
similar expressions, have been used to identify forward-looking
statements and information. Statements concerning mineral resource
estimates may also be deemed to constitute forward-looking
information to the extent that they involve estimates of the
mineralization that will be encountered if the property is
developed. Any statements that express or involve discussions with
respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance are not
statements of historical fact and may be forward-looking
information. Forward-looking information is subject to a variety of
known and unknown risks, uncertainties and other factors that could
cause actual events or results to differ from those expressed or
implied by the forward-looking information, including, without
limitation, those risks identified in Pretivm's prospectus
supplement to the short form base shelf prospectus dated March 19,
2012 filed on SEDAR at www.sedar.com and in the United States
through EDGAR at the SEC's website at www.sec.gov. Forward-looking
information is based on the expectations and opinions of Pretivm's
management on the date the statements are made. The assumptions
used in the preparation of such statements, although considered
reasonable at the time of preparation, may prove to be imprecise.
We do not assume any obligation to update forward-looking
information, whether as a result of new information, future events
or otherwise, other than as required by applicable law. For the
reasons set forth above, prospective investors should not place
undue reliance on forward-looking information.
The TSX has neither approved nor disapproved of the information
contained herein.
Contacts: Pretium Resources Inc. Robert Quartermain President
and Chief Executive Officer (604) 558-1784 Pretium Resources Inc.
Michelle Romero Corporate Relations Director (604)
558-1784invest@pretivm.com www.pretivm.com
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