Billionaire buys 400K+ shares in PGLC today
Miami's Ivax billionaire Dr. Phillip Frost purchased approximately 400,000 shares of Pershing Gold this week through the recently announced private placement, which was 8K'd yesterday and discussed below. He now owns over 50 million shares and has only added to his position in Pershing Gold over the course of several years. He obviously believes this company will be entering production and/or be acquired by a major gold-silver producer.
Dr. Frost typically files a Form 4 (or a Schedule 13 if purchasing through his trust or holding companies), but in this case the purchase was through restricted stock as part of the placement. You'll see the details on the SEC website. It's about 400,000 additional shares as of today, and over 50M shares of total holdings in PGLC.
