LAKEWOOD, Colo., Dec. 8, 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 closing of its previously
announced underwritten public offering of 2,205,883 shares of its
common stock at a price to the public of $3.40 per share. The gross proceeds to Pershing
Gold from this offering is approximately $7.5 million, before deducting the underwriter's
discount and other estimated offering expenses payable by the
Company. 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, a unit of H.C.
Wainwright & Co., LLC., and ROTH Capital Partners, LLC
also acted as financial advisors to the Company in connection with
the offering.
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. The offering was made by means of a written prospectus
and prospectus supplement that form a part of the registration
statement. A final prospectus supplement relating to the offering
has been filed with the SEC and is available on the SEC's web site
at http://www.sec.gov. Electronic copies of the final
prospectus supplement and the accompanying 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 shares of common stock issued pursuant to the
offering are listed on NASDAQ and the Toronto Stock Exchange
("TSX"). For the purposes of TSX approval, the Company relied 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 inter-listed issuers.
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 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 SEC 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 assume no obligation to update any
forward-looking statements contained or reference in this press
release.
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SOURCE Pershing Gold Corporation