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Pershing Gold Corp Completes $11.1 Million Private Placement


Tuesday, 27 Aug 2013 07:55am EDT 

Pershing Gold Corp announced that it has completed its private placement of Series E Convertible Preferred Stock and warrants with a total of $11.1 million in gross proceeds, including amounts that were previously disclosed. The private placement consisted of the issuance of a total of 11,185 shares of Series E Convertible Preferred Stock for $990 per share. Each share of Series E Convertible Preferred Stock is convertible into shares of common stock at a conversion rate of 3,000 shares of common stock for each share of Series E Convertible Preferred (equivalent to a conversion price of $0.33 per share of common stock), or 33,555,000 shares of common stock in the aggregate. The investors also received three-year warrants to purchase an aggregate of 13,422,000 shares of common stock at an exercise price of $0.40 per share. These amounts include shares of Series E Convertible Preferred Stock and warrants that were issued to the remaining lender under the Credit Facility Agreement dated February 23, 2011, as amended, in exchange for the outstanding principal and accrued interest of approximately $646,000 owed by the Company under the Credit Facility Agreement. The Company expects to use the net proceeds of the private placement for advancement of the Company's Relief Canyon project and for general corporate purposes. 

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