Premier Gold Announces Completion of $57.5 Million Bought Deal Public
Offering of Common Shares
Premier Gold Mines Limited (TSX:PG) ("Premier" or the
"Company") is pleased to announce that it has completed a previously
announced bought deal public offering of 10,000,000 common shares (the
"Common Shares") at a price of $5.75 per Common Share for net proceeds
of approximately $54.5 million (the "Offering") through a syndicate
of underwriters led by RBC Capital Markets and including Canaccord
Genuity Corp., Scotia Capital Inc., CIBC World
Markets Inc., Goldman Sachs Canada Inc., Stonecap
Securities Inc., Octagon Capital Corporation and Versant Partners Inc. The
Offering included the issue of 1,000,000 Common Shares at the offering price
upon the exercise of the over-allotment option granted by the Company to the
Underwriters under the Offering. Pursuant to the over-allotment option, the
Underwriters have the right to purchase up to an additional 350,000 Common
Shares at the Common Share offering price, exercisable in whole or in part, at
any time prior to March 28, 2012.
The net proceeds from the Common Shares sold under the Offering 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.
"With the completion of this financing, the Corporation now has
approximately $90 million in working capital" stated Ewan Downie, President and Chief Executive officer of Premier.
"These funds are expected to meet all near and mid-term exploration and
development plans as well as facilitating plans for continued corporate
growth."
About Premier
Premier Gold Mines Limited is one of North America's
leading exploration companies with a high-quality pipeline of projects focused
in proven, safe and accessible mining jurisdictions in Canada and the United
States. The Company's portfolio includes significant assets in world class gold
mining districts such as Red Lake, Musselwhite and Geraldton in Ontario and the Carlin Trend in Nevada
