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Pershing Gold raises US$6M to advance Nev. gold project

Pershing GoldCorp. said March 29 that it has closed a private placement withDonald Smith Value Fund LP for approximately US$6 million, issuing 1,850,000units for US$3.25 apiece.

Each unit consists of 1 common share and a 30-month warrantto acquire 0.5 of a share at a US$4.35 exercise price.

The proceeds will be put toward the advancement of Pershing'sRelief Canyongold project in Nevada and for general corporate purposes.