Market Overview

Pretivm Announces Private Placement by Liberty Metals & Mining

Pretium Resources (NYSE: PVG) ("Pretivm") is pleased to announce that it has entered into a subscription agreement with Liberty Metals & Mining Holdings, LLC ("LMM"), a subsidiary of Boston-based Liberty Mutual Insurance, to issue to LMM by way of a private placement 5,780,346 common shares of Pretivm (the "Purchased Shares") at a price per share of C$6.92 for gross proceeds of approximately C$40 million (the "Offering"). The purchase price is based on the volume-weighted average price of Pretivm's common shares on the Toronto Stock Exchange for the twenty trading days ended April 19, 2013. The Offering is scheduled to close on or about April 26, 2013, subject to regulatory approvals.Pretivm intends to use the proceeds of the Offering to fund work at its Brucejack Project, including the completion of the planned 10,000-tonne bulk sample and underground drilling program at the Valley of the Kings, ongoing permitting activities, and the acceleration of other activities which will advance the high-grade gold Valley of the Kings into development.Pursuant to the subscription agreement, LMM will be entitled to nominate one person to be appointed to the board of directors of Pretivm and will have a

See full press release

Posted-In: News Guidance Contracts Management M&A Global

 

Most Popular

Related Articles (PVG)

Around the Web, We're Loving...

Partner Network

Get Benzinga's News Delivered Free