The emerging producer announced a public offering of stock to run concurrently with a private placing to a group of select investors.
The former sees the firm issue, via a syndicate of underwriters, 2.43mln shares and warrants to buy up to 972,000 shares at $2.80 a pop.
There is an associated four-tenth common stock warrant, for gross proceeds, before deducting underwriting commissions and estimated offering expenses of $6.8 million.
The firm also announced a private placing of 2.43mln shares and warrants to buy 972,000 shares to be issued to select private investors at the same price for both as the public offering for gross proceeds also of $6.8mln.
Pershing "intends to use the proceeds from the public offering and the private placement to advance its Relief Canyon project, including pre-construction and development and exploration drilling to expand mineralization at Relief Canyon and/or for general corporate purposes," it said in the regulatory statement.
The group reached a big milestone for the project in June this year, when it issued a preliminary feasibility study, which significantly, showed a greater life of mine production amid slightly higher initial and sustaining capital expenditure.
The project was handed a pre-tax net present value (NPV), or in other words, an overall value, of $144.6 million.
Initial capital spend was put at $23.6mln - up from $12.2mln in the preliminary economic assessment (PEA), while the all in sustaining costs (AISC) were stated as $802 per ounce ($804 per ounce in the PEA).
The life of mine is 5.6 years, down a tad from 5.8 years in the PEA, but average production over that time was put at 93,900 ounces, compared to 88,500 ounces in the earlier PEA.
In October, broker H.C Wainwright repeated a 'buy' recommendation on the shares.