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Pershing Gold raises US$14.6M via bought-deal offering, private placement

Pershing Gold Corp. closed its previously reported bought-deal public offering and concurrent private placement to raise aggregate gross proceeds of approximately US$14.6 million.

The company outlined plans earlier in the month to raise US$6.8 million through each of the offerings, targeting gross proceeds of US$13.6 million.

Pershing Gold said Dec. 19 that the underwriters of the public offering had fully exercised the overallotment option, with the financing comprising 2,794,500 shares at US$2.80 apiece and warrants to purchase up to 1,117,800 common shares.

The private placement comprised 2,347,236 common shares and warrants to purchase 938,891 common shares under the same terms.

Pershing Gold will use the proceeds 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.