LAKEWOOD, Colo., Oct. 20, 2014 /PRNewswire/ -- Pershing Gold
Corporation (OTCQB: PGLC) ("Pershing Gold" or the "Company")
announced today that it has raised US$10
million in gross proceeds through the sale of 35,178,572
shares of the Company's Common Stock, or about 9.9% of Pershing
Gold's outstanding Common Stock following the transaction, to Levon
Resources Ltd., and an additional 535,715 shares of Common Stock to
an accredited investor. The Common Stock was sold for
$0.28 per share. Aggregate net
proceeds to Pershing Gold, after commissions and before expenses,
totaled US$9.9 million. The
private placement was completed on October
20, 2014.
Pershing Gold expects to use the net proceeds of the private
placement for advancement of the Company's Relief Canyon project
and for general corporate purposes.
The securities issued in the private placement have not been
registered under the Securities Act of 1933, as amended
("Securities Act") or applicable state securities laws and may not
be offered or sold in the United
States absent registration or an applicable exemption from
the registration requirements of the Securities Act and applicable
state laws. As part of the transaction, the Company has
agreed to file a registration statement with the Securities and
Exchange Commission for purposes of registering the resale of all
of the Common Stock issued in the private placement.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy the units, common stock, warrants
or any other securities, and shall not constitute an offer,
solicitation or sale in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful.
About Pershing Gold Corporation
Pershing Gold Corporation owns the Relief Canyon Mine property
in Pershing County, Nevada.
www.PershingGold.com
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SOURCE Pershing Gold Corporation