THUNDER BAY, ON, Jul 15, 2010 (
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THUNDER BAY, ON, July 15 /CNW/ - PREMIER GOLD MINES LIMITED ("Premier" or the "Company") (TSX: PG) is pleased to announce that it has completed its previously announced private placement (the "Offering") of flow-through common shares of Premier ("Flow-Through Common Shares"). Including Flow-Through Common Shares issued on the exercise of the underwriters' over-allotment option, Premier issued 3,000,000 Flow-Through Common Shares at a price of Cdn$6.00 per Flow-Through Common Share for aggregate gross proceeds of Cdn$18,000,000. The Offering was completed through a syndicate of underwriters co-led by Canaccord Genuity Corp. and RBC Capital , which included Stonecap Securities Inc., Mackie Research Capital Corporation, Laurentian Bank Securities Inc. and Versant Partners Inc. (the "Underwriters").
Premier plans to use the gross proceeds from the sale of the Flow-Through Common Shares for exploration and development of the Company's Canadian mineral projects.
Premier Gold Mines Limited is a well financed Canadian-based mineral exploration and development company with several projects and deposits in North America. In the Red Lake gold mining camp, two projects are operated in joint with Red Lake Gold Mines, an affiliate of Goldcorp Inc. The company also owns a strategic project located on the main Musselwhite Gold Mine trend and a 70% interest in the Hardrock Project. The company recently acquired Saddle Gold Inc. and now holds the Saddle Project on the prolific Carlin Trend, in Northeastern Nevada, and a royalty in Newmont Mining Corporation's Emigrant Springs Project.