Premier Gold Mines (PG.TSX) reported the completion of its previously announced bought deal public offering. Under the terms of the transaction, 10.0 million common shares of PG.TSX were issued at a price of C$5.75 per share for net proceeds of C$54.5 million.
* The offering included the issuance of 1.0 million common shares, also at C$5.75 per share, upon the exercise of the over-allotment option granted by Premier Gold Mines to the underwriters
* Pursuant to the over-allotment option, the underwriters have the right to purchase up to an additional 350,000 shares, exercisable in whole or in part, at any time prior to March 28, 2012
* The net proceeds will be used to fund Premier’s exploration and development activities, for repayment of a portion of Premier’s long‐term debt and for general corporate purposes
Ewan Downie, President and CEO:
“With the completion of this financing, the Corporation now has approximately $90 million in working capital. These funds are expected to meet all near and mid-term exploration and development plans as well as facilitating plans for continued corporate growth.”
Paul Huet, Chief Operating Officer:
“This is a very exciting time to be involved in gold, and more importantly, with Premier Gold Mines…Premier’s management team has an outstanding track record of delivering growth and value to shareholders.”