Post by icemandios on Mar 29, 2016 13:27:01 GMT
Pershing Gold Raises $6 Million to Advance Relief Canyon
LAKEWOOD, Colo., March 29, 2016 /PRNewswire/ -- Pershing Gold Corporation (NASDAQ: PGLC) ("Pershing Gold" or the "Company"), announced today that it has closed on a private placement with Donald Smith Value Fund, L.P. for the sale of 1,850,000 Units, at a price of $3.25 per Unit, for net proceeds to the Company of approximately $6 million. Each Unit is comprised of 1 share of Pershing Gold Common Stock and a 30-month warrant to acquire 0.5 of a share of Pershing Gold Common Stock at an exercise price of $4.35. BMO Capital Markets is acting as an advisor to the Company.
The Company expects to use the net proceeds for advancement of the Company's Relief Canyon project and for general corporate purposes.
The securities issued in these transactions have not been registered under the Securities Act of 1933, as amended ("Securities Act") or applicable state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws. The Company has agreed to file a registration statement with the Securities and Exchange Commission for purposes of registering the resale of the Common Stock issued in this transaction and issuable upon exercise of the warrants.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy the units, common stock, warrants or any other securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.
About Donald Smith, L.P.
The Donald Smith Value Fund, L.P. is managed by Donald Smith, L.P., a registered CTA with the CFTC. Donald Smith, L.P. is an affiliate of Donald Smith & Co., Inc., a deep value investment manager headquartered in New York, NY with notable investments in the mining space including Kinross Gold Corporation, Coeur Mining Inc., and Alamos Gold Inc.
About Pershing Gold Corporation
Pershing Gold Corporation owns the Relief Canyon Mine property in Pershing County, Nevada.
LAKEWOOD, Colo., March 29, 2016 /PRNewswire/ -- Pershing Gold Corporation (NASDAQ: PGLC) ("Pershing Gold" or the "Company"), announced today that it has closed on a private placement with Donald Smith Value Fund, L.P. for the sale of 1,850,000 Units, at a price of $3.25 per Unit, for net proceeds to the Company of approximately $6 million. Each Unit is comprised of 1 share of Pershing Gold Common Stock and a 30-month warrant to acquire 0.5 of a share of Pershing Gold Common Stock at an exercise price of $4.35. BMO Capital Markets is acting as an advisor to the Company.
The Company expects to use the net proceeds for advancement of the Company's Relief Canyon project and for general corporate purposes.
The securities issued in these transactions have not been registered under the Securities Act of 1933, as amended ("Securities Act") or applicable state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws. The Company has agreed to file a registration statement with the Securities and Exchange Commission for purposes of registering the resale of the Common Stock issued in this transaction and issuable upon exercise of the warrants.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy the units, common stock, warrants or any other securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.
About Donald Smith, L.P.
The Donald Smith Value Fund, L.P. is managed by Donald Smith, L.P., a registered CTA with the CFTC. Donald Smith, L.P. is an affiliate of Donald Smith & Co., Inc., a deep value investment manager headquartered in New York, NY with notable investments in the mining space including Kinross Gold Corporation, Coeur Mining Inc., and Alamos Gold Inc.
About Pershing Gold Corporation
Pershing Gold Corporation owns the Relief Canyon Mine property in Pershing County, Nevada.