Premier Increases Financing
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
PREMIER GOLD MINES LIMITED (“Premier”) (TSX: PG) is pleased to
announce that, due to high demand, the company will increase the size of
its previously announced private placement offering (the “Offering”) of
“flow-through” common shares (the “Flow-Through Shares”). Premier has
decided to increase the gross proceeds to be raised in the Offering to
up to $15 million. As previously announced, the Flow-Through Shares are
being offered at a price of $3.65 per share.
“With this financing Premier will remain one of the industry’s most active explorers” stated Ewan Downie, President of Premier. “The significant premium we have attained maintains our strong share structure and puts Premier in a dominant position to pursue possible future growth initiatives”.
Thomas Weisel Partners Canada Inc. is acting as lead agent on behalf of a syndicate of agents including Canaccord Capital Corporation, Laurentian Bank Securities, Octagon Capital Corporation, Research Capital Corporation and Wellington West Capital Markets (collectively, the “Agents”) in connection with this best efforts Offering. The Flow-Through Shares will be offered by way of private placement to accredited investors in each of the provinces of Canada.
Premier plans to use the gross proceeds from the sale of the Flow-Through Shares for exploration programs to be conducted on the Hardrock project, Red Lake projects and PQ North project in Ontario. The private placement is expected to close on or about September 10, 2009 and is subject to certain conditions typical for a transaction of this nature and the receipt of all necessary regulatory approvals including the approval of the Toronto Stock Exchange.
PREMIER is a Canadian based mineral exploration and development company focused primarily on discovering and developing gold deposits at its strategically-located Red Lake, Ontario joint venture properties. Premier continues to evaluate other high quality North American based gold projects with the strong belief that aggressive exploration in proven districts will repeatedly reward shareholders.
For further information, please contact:
Ewan Downie, President
Web Site: www.premiergoldmines.com
This press release contains “forward looking statements”, within the meaning of Canadian securities legislation, which are based on the opinions and estimates of management and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward looking statements. Such risks and uncertainties include, but are not limited to, risks associated with the mining industry, the risk of commodity price and foreign exchange rate fluctuations, the ability of Premier to complete the Offering and fund the capital and operating expenses necessary to achieve the business objectives of Premier, as well as those risks described in public disclosure documents filed by Premier. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in securities of Premier should not place undue reliance on these forward-looking statements