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Monday, December 08, 2014 9:45:17 AM
12/08/2014
Press Release Details
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 8, 2014) - Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm" or the "Company") is pleased to announce that Zijin Mining Group Co., Ltd. ("Zijin") has agreed to make a strategic investment in the Company which will result in Zijin owning approximately 9.9% of Pretivm's issued and outstanding shares. Pretivm has agreed to issue to Zijin by way of a private placement 12,836,826 common shares of the Company (the "Purchased Shares") at a price per share of C$6.30 for gross proceeds of approximately C$80,872,004 (the "Offering"). Zijin is a Shanghai and Hong Kong listed company with extensive interests across a broad range of commodities, and is the largest gold producer in China.
The Offering constitutes a significant portion of the planned equity component of the financing required to bring the Brucejack Project into production. Pretivm intends to use the proceeds from the Offering to fund capital expenditures including the procurement of long-lead items and camp infrastructure. The permitting process for a 2,700 tonne-per-day underground mine at Brucejack is currently underway.
"Zijin's investment positions us well at a critical stage in our advance to production," said Pretivm's CEO Robert Quartermain. "Zijin is a well-capitalized shareholder, and as fellow shareholders, we value their long-term outlook and commitment to gold and to the successful development of our Brucejack Project as a high-grade gold mine."
http://www.pretivm.com/news/news-details/2014/Zijin-Mining-Group-C81-Million-Strategic-Investment-in-Pretivm/default.aspx
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