VANCOUVER – Pretium Resources has closed a primary and secondary common share offering that grossed slightly more than US$60 million. Pretium sold 8.28 million common shares at US$7.25 per share for gross proceeds of US $49.5 million and 1.15 million shares the sale of which amounted to more than US$10.5 million.
Pretium intends to use the net proceeds from the offering to fund environmental and engineering activities at its Brucejack gold project 60 km north of Stewart, BC. Proceeds will also cover permitting costs and continuing exploration at the site.
Based on the results of the June 2014 feasibility study, the Brucejack mine is expected to produce an average of 504,000 oz of gold a year over the first eight years and 404,000 oz of gold a year over the 18-year mine life. Brucejack’s Valley of the Kings deposit hosts proven and probable reserves totalling 13.6 million tonnes grading 15.7 g/t Au and containing 6.9 million oz of gold. Commercial production at Brucejack is targeted for 2017.
More information is available at Pretivm.com.