Pershing Gold Raises US$10 Million in Private Placement

Oct 20, 2014, 19:40 ET from Pershing Gold Corporation

LAKEWOOD, Colo., Oct. 20, 2014 /PRNewswire/ -- Pershing Gold Corporation (OTCQB: PGLC) ("Pershing Gold" or the "Company") announced today that it has raised US$10 million in gross proceeds through the sale of 35,178,572 shares of the Company's Common Stock, or about 9.9% of Pershing Gold's outstanding Common Stock following the transaction, to Levon Resources Ltd., and an additional 535,715 shares of Common Stock to an accredited investor.  The Common Stock was sold for $0.28 per share.  Aggregate net proceeds to Pershing Gold, after commissions and before expenses, totaled US$9.9 million.  The private placement was completed on October 20, 2014.

Pershing Gold expects to use the net proceeds of the private placement for advancement of the Company's Relief Canyon project and for general corporate purposes.

The securities issued in the private placement have not been registered under the Securities Act of 1933, as amended ("Securities Act") or applicable state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.  As part of the transaction, the Company has agreed to file a registration statement with the Securities and Exchange Commission for purposes of registering the resale of all of the Common Stock issued in the private placement.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy the units, common stock, warrants or any other securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

About Pershing Gold Corporation

Pershing Gold Corporation owns the Relief Canyon Mine property in Pershing County, Nevada.



SOURCE Pershing Gold Corporation