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Pershing Gold raising US$13.6M for Relief Canyon gold-silver project

Pershing Gold Corp. is raising US$13.6 million to advance its Relief Canyon gold-silver project in Nevada, including preconstruction work and development and exploration drilling aiming to expand mineralization. Proceeds are also earmarked for general corporate purposes.

The company said Dec. 11 that it entered into an agreement with a syndicate of underwriters to raise gross proceeds of US$6.8 million on a bought-deal basis, comprising 2,430,000 common shares at US$2.80 apiece and warrants to purchase up to another 972,000 common shares, exercisable at US$3.40 per share for two years.

Pershing Gold also granted the underwriters a 30-day overallotment option to purchase up to an additional 364,500 common shares and/or warrants to purchase up to 145,800 common shares. Closing is anticipated on or around Dec. 19.

The company also plans a concurrent private placement of 2,430,000 common shares at the same price and warrants to purchase 972,000 common shares for another US$6.8 million in gross proceeds.

A preliminary feasibility study completed on Relief Canyon earlier in the year outlined a posttax net present value, discounted at 5%, of US$126 million, with initial CapEx estimated at US$23.6 million.