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Pretium Resources Inc. (Pretium)
is pleased to announce that it has filed its final long-form prospectus dated
December 9, 2010 with the securities regulatory authorities in each of the
provinces and territories of Canada, other than Quebec, in respect of its
initial public offering (Offering). The final prospectus qualifies the
distribution of an aggregate of 44,170,000 common shares of Pretium at a price of $6.00 per common share for gross
proceeds to Pretium of an aggregate of
$265,020,000, of which an aggregate of 33,504,400 common shares (Firm Shares)
are offered on an underwritten basis and 10,666,600 common shares (Agency
Shares) are offered on a best efforts agency basis, both through the
syndicate of underwriters.
The underwriting syndicate for the Offering is led by CIBC, Citigroup Global
Markets Canada Inc. and UBS Securities Canada Inc., and also includes BMO
Capital Market, Credit Suisse Securities (Canada), Inc., Dahlman
Rose & Company, LLC, GMP Securities L.P. and Salman
Partners Inc. (collectively, the Underwriters).
Pretium has also granted the Underwriters an
over-allotment option (Over-Allotment Option), exercisable in whole or in
part at any time for a period of 30 days following the closing of the
Offering, to purchase up to an additional 6,625,500 common shares of Pretium at $6.00 per common share. If the Over-Allotment
Option is exercised in full, the gross proceeds raised under the Offering
will be $304,773,000.
The net funds raised under the Offering will be used to fund the cash portion
of the Snowfield Project and the Brucejack Project
purchase from Silver Standard Resources Inc. (Silver Standard), the
prefeasibility engineering studies and continuing exploration of the
Snowfield Project, the Brucejack Project or the
Combined Project (defined as the Snowfield Project and Brucejack
Project together), the acquisition and exploration of other gold and precious
metal projects and for general corporate purposes. Closing of the Offering
and the purchase is expected to occur on or about December 21, 2010, and is
subject to the completion of the issue and sale of the Firm Shares, together
with completion of the issue and sale of a sufficient number of Agency Shares
such that the aggregate gross proceeds from such sales to Pretium
are $265,020,000.
A copy of Pretium's final prospectus is available
under Pretium's SEDAR profile at www.sedar.com.
The securities offered have not been, and will not be, registered under the
United States Securities Act of 1933, as amended (the "U.S. Securities
Act") or any U.S. state securities laws, and may not be offered or sold
in the United States or to United States persons absent registration or any
applicable exemption from the registration requirement of the U.S. Securities
Act and applicable U.S. state securities laws. This release shall not
constitute an offer to sell, or the solicitation of an offer to buy
securities in the United States, nor shall there be
any sale of these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
About Pretium Resources
Pretium is a start-up company that intends to
acquire, explore and develop gold and precious metals resource properties,
initially in the Americas. Under an agreement described in the final
prospectus, Pretium has the right to acquire from
Silver Standard the Snowfield and Brucejack pre-development
gold resource projects in Northern British Columbia, Canada. Pretium's principal objective is to advance the Snowfield
Project and the Brucejack Project to feasibility
and to explore for and acquire other precious metals resource properties. Pretium's overall strategy is to position itself as a
leading gold and precious metals exploration company.
For further information, please contact:
Pretium Resources Inc.
#2300 -- 1066 West Hastings Street
Vancouver, British Columbia
V6E 3X2
Robert Quartermain, President
Tel: 604.601.8240
Investor Relations
Tel: 604.637.6823
Forward Looking Statement
This Press Release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation. Forward-looking
information may include, but is not limited to, information with respect to
the offering and the conditions to the closing of the offering, the
acquisition of the Snowfield Project and the Brucejack
Project, anticipated production and developments in our operations in future
periods, our planned exploration and development activities, costs and timing
of development of the Snowfield and Brucejack
Projects, costs and timing of future exploration, results of future
exploration and drilling, timing and receipt of approvals, consents and
permits under applicable legislation, our executive compensation approach and
practice, the composition of our board of directors and committees, and
adequacy of financial resources. Wherever possible, words such as
"plans", "expects" or "does not expect",
"budget", "scheduled", "estimates",
"forecasts", "anticipate" or "does not
anticipate", "believe", "intend" and similar
expressions or statements that certain actions, events or results
"may", "could", "would", "might" or
"will" be taken, occur or be achieved, have been used to identify
forward-looking information.
Statements concerning mineral resource estimates may also be deemed to
constitute forward-looking information to the extent that they involve
estimates of the mineralization that will be encountered if the property is
developed. Any statements that express or involve discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives,
assumptions or future events or performance (often, but not always, using words
or phrases such as "expects", "anticipates",
"plans", "projects", "estimates",
"assumes", "intends", "strategy",
"goals", "objectives", "potential" or
variations thereof, or stating that certain actions, events or results
"may", "could", "would", "might" or
"will" be taken, occur or be achieved, or the negative of any of
these terms and similar expressions) are not statements of historical fact
and may be forward-looking information. Forward-looking information is
subject to a variety of known and unknown risks, uncertainties and other
factors that could cause actual events or results to differ from those
expressed or implied by the forward-looking information, including, without
limitation, those risks identified in Pretium's
final prospectus filed on SEDAR at www.sedar.com Forward-looking information
is based on the expectations and opinions of Pretium's
management on the date the statements are made. The assumptions used in the
preparation of such statements, although considered reasonable at the time of
preparation, may prove to be imprecise. We do not assume any obligation to
update forward-looking information, whether as a result of new information,
future events or otherwise, other than as required by applicable law. For the
reasons set forth above, prospective investors should not place undue
reliance on forward-looking information
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