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Pershing Gold chief excited as firm brings in US$14.6mln gross to advance Relief Canyon

The firm announced earlier this month a public offering of stock to run concurrently with a private placing

The funds will allow the firm to further advance development and exploration of the Relief Canyon project

Pershing Gold Corporation (NASDAQ:PGLC, TSX:PGLC) said it had raised around US$14.6mln gross after closing two financings to advance its Relief Canyon project in Nevada.

The emerging producer announced earlier this month a public offering of stock to run concurrently with a private placing to a group of select investors.

In the public offer the firm issued over 2.79mln shares and warrants to buy up to around 1.117.8mln shares at US$2.80 each to raise US$7.8mln, including full exercise of the over-allotment option.

The private placing saw Pershing issue over 2.34mln shares  and warrants to purchase 938,891 shares at the same price as above, bringing in US$6.8mln.

"We are excited to successfully complete this public offering, which will allow us to further advance development and exploration of our Relief Canyon project", said Pershing Gold's president and chief executive Stephen Alfers.

The firm's main asset is the Relief Canyon Mine in Pershing County, Nevada.

That includes three historic open-pit mines and a state-of-the-art, fully permitted heap-leach processing facility.

Quick facts: Pershing Gold

Price: - CAD

Market: TSX
Market Cap: -

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'It's a very exciting time for us' - Pershing Gold's Jack Perkins

Jack Perkins, vice president of investor relations at Pershing Gold Corporation's (NASDAQ:PGLC, TSE: PGLC) talks Proactive's Andrew Scott through their resource estimate and preliminary feasibilty study (PFS) for the Relief Canyon project.

on 9/6/17

2 min read