Key Developments: Pershing Gold Corp (PGLC.PK)
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Latest Key Developments (Source: Significant Developments)
Pershing Gold Corp Announces Chief Financial Officer Change-Form 8-K
Pershing Gold Corp announced in its Form 8-K that Adam Wasserman resigned from his position as Chief Financial Officer of the Company effective November 19, 2012. On November 19, 2012, the Board determined that Eric Alexander, the Company’s Vice President Finance and Controller, would succeed Adam Wasserman as the Company’s principal financial officer and principal accounting officer. Mr. Alexander joined the Company in September 2012. experience, and eight years of mining industry experience. Full Article
Pershing Gold Corp Completes Private Placement With Coeur d'Alene Mines Corporation
Pershing Gold Corp announced that Coeur d'Alene Mines Corporation has purchased 10,937,500 shares of Pershing Gold Corporation Common Stock in a private placement priced at $0.32 per share. Dr. Phillip Frost, an existing shareholder of Pershing Gold, joined Coeur in this private placement through Frost Gamma Investment Trust, purchasing 1,562,500 shares of Pershing Common Stock under substantially the same terms and conditions as Coeur. Coeur and FGIT will have the right to participate in future financings to maintain their respective ownership interests. Gross proceeds of the private placement totaled $4.0 million. Full Article
Pershing Gold Corp Announces Divestiture Of Uranium Properties To American Strategic Minerals Corporation
Pershing Gold Corp announced the sale to American Strategic Minerals Corporation (Amicor) of 100% of its interest in Continental Resources Acquisition Sub, Inc., Pershing's wholly-owned subsidiary holding all of its interests in uranium exploration properties. In January 2012 Pershing and Amicor entered into an Option Agreement under which Amicor acquired the option to purchase Pershing's uranium properties. As consideration for the option, Pershing received a $1,000,000.00 non- interest-bearing promissory note, ($930,000.00 of which has been repaid), and 10 million shares of Amicor common stock, of which Pershing has sold 820,000. Amicor exercised its option to acquire the uranium properties and paid the $10.00 exercise price. With the completion of this transaction on June 11, 2012, Pershing has divested all of its uranium assets. Pershing continues to hold 9,180,000 shares in Amicor. Full Article
Pershing Gold Corp Announces Sale of Noncore, Nevada Properties to Valor Gold Corp
Pershing Gold Corp announced the sale of its two Lander County, Nevada properties, Red Rock and North Battle Mountain, to Valor Gold Corporation for cash and Valor common stock. Pershing Gold acquired the Lander County properties in May 2011. Both Red Rock and North Battle Mountain are located in the Eureka-Battle Mountain Gold Belt. Financial terms of the transaction were not disclosed. Full Article
Pershing Gold Corp Closes Strategic Deal With Victoria Gold Corp.
Pershing Gold Corp announced that it has closed the transaction announced last month with Victoria Gold Corp. Completing this transaction has given Pershing Gold exclusive control of approximately 13,300 acres of unpatented mining claims and private lands surrounding Pershing Gold's landholdings at the Relief Canyon Mine in Pershing County, Nevada. Pershing Gold paid Victoria USD2 million, 10 million shares of Pershing Gold common stock, and 5 million two-year warrants exercisable for one share of Pershing Gold common stock at an exercise price of $0.60 per share. The acquisition includes the interests of Victoria Resources (US), a subsidiary of Victoria Gold Corp, under Victoria's 2006 mineral lease and sublease with Newmont USA Ltd. The 2006 Lease covers approximately 8,900 acres of Newmont mining claims and private mineral rights and 62 mining claims staked by Victoria that are inside an Area of Interest (AOI) defined in the 2006 Lease. Full Article
Pershing Gold Corp Makes Deal That Consolidates Relief Canyon Mining District
Pershing Gold Corp announced that it has signed an agreement with Victoria Gold Corp. to acquire mining claims owned by Victoria's subsidiary, Victoria Resources (US) Inc., as well as its interests in claims and leaseholds owned by Newmont USA Ltd. that were under lease or sublease. Upon completion of the transaction, claims and leasehold interests so acquired would consist of just over 13,400 acres of mining claims and private lands adjacent to Pershing Gold's existing landholdings at the Relief Canyon Mine in Pershing County, Nevada. Acquisition of these interests further expands a land position that upon completion will control the entire Relief Canyon Mining District as well as the southern portion of the Pershing Gold and Silver Trend. In the last thirty days, Pershing Gold has significantly expanded its land position to over 24,000 acres from just over 1,100 acres at the original Relief Canyon mine site acquired in August of 2011 by Pershing Gold's subsidiary Gold Acquisition Corporation (GAC). This expansion includes the 9,700 acre Pershing Pass acquisition announced earlier this month. Full Article
Pershing Gold Corp Appoints New President-US Fed News
US Fed News reported that On March 6, 2012, David Rector resigned from his position as President of Pershing Gold Corp but remains a member of the Company's Board of Directors. Simultaneously with Mr. Rector's resignation, the Board appointed Stephen Alfers, the Company's current Chief Executive Officer (CEO) and Chairman, as President of the Company and appointed Mr. Rector as Treasurer and Vice President of Administration and Finance. Full Article
Sagebrush Gold, Ltd. Changes Name To Pershing Gold Corp; Acquires 9,700 Acres Of Mining Claims In Pershing County
Sagebrush Gold, Ltd. announced that it has changed its name to Pershing Gold Corporation to reflect its focus on Pershing County, NV where its anchor property, the Relief Canyon Mine, is located. Pershing Gold Corporation is also announcing the addition of its new Pershing Pass Property comprised of roughly 9,700 acres of mining claims south of the Relief Canyon Mine to its property assets. For a map illustrating the Pershing Pass and Relief Canyon properties. Full Article
Sagebrush Gold, Ltd Announces Management Change
Sagebrush Gold, Ltd announced that Stephen D. Alfers has signed on to lead the Company as Executive Chairman and Chief Executive Officer (CEO). Mr. Alfers will begin this role for Sagebrush Gold immediately. Full Article
Sagebrush Gold Ltd Enters Into Option Agreement To Sell Uranium Assets To American Strategic Minerals Corporation
Sagebrush Gold Ltd announced that it has entered into an Option Agreement with American Strategic Minerals Corporation, a public exploration and development company based in Colorado, pursuant to which AMICOR received the option to purchase certain of the Company's uranium properties within 90 days. In consideration for the Option, AMICOR issued the Company 10,000,000 shares of its common stock and a six month promissory note in the principal amount of $1,000,000, payable upon the satisfaction of certain conditions. On January 26, 2012, AMICOR paid $500,000 towards the balance of the note. Sage has the right to retain the consideration regardless of whether AMICOR chooses to exercise the Option. Prior to the exercise of the Option, Sage shall retain the right to explore, develop or operate on any of the uranium properties. Sage owns approximately 26% of the issued and outstanding common stock of AMICOR. Full Article
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