Pretivm Resources Inc. (TSX:PVG) (NYSE:PVG) is pleased to announce that it has closed its previously announced non-brokered private placement to Orion Co-Investments II (ED) Limited and Zijin Mining Group Co., Ltd.
Zijin subscribed for 2,786,849 Pretivm common shares and Orion subscribed for 752,906 Common Shares, totaling an aggregate of 3,539,755 Common Shares issued at a price of US$4.58 per Common Share, for aggregate gross proceeds to the Company of approximately US$16,212,078.
Pursuant to a subscription agreement dated December 8, 2014 between Zijin and the Company, Zijin is entitled to maintain its proportionate ownership interest in the Company by participating pro rata in issuances of the Company’s Common Shares. Zijin exercised such rights in connection with the Company’s public offering of Common Shares that closed on March 1, 2016. Pursuant to a subscription agreement dated September 15, 2015 between Orion and the Company, Orion is entitled to maintain its proportionate ownership interest in the Company by participating pro rata in issuances of the Company’s Common Shares. Orion has exercised such rights in connection with the Offering. The total number of Common Shares issued in connection with the Private Placement and the Offering was 31,923,755 Common Shares for aggregate gross proceeds to Pretivm of US$146,210,798.
Pretivm intends to use the proceeds of the Private Placement (i) to fund development of the Brucejack Project, (ii) for working capital during start-up and (iii) for general corporate purposes.
Orion and Zijin are not permitted to trade the Common Shares for a period of four months plus one day from the closing of the Private Placement. The Common Shares described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States absent registration or an applicable exemption from the registration requirements of such Act.
Pretivm is constructing a high-grade underground gold mine at its Brucejack Project in northern British Columbia with commercial production targeted for 2017.
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