Premier Gold Mines closes $4.95-million placement

2010-12-02 16:29 ET - News Release

Mr. Ewan Downie reports

PREMIER COMPLETES $4,950,000 FLOW-THROUGH FINANCING

Premier Gold Mines Ltd. has completed its previously announced non-brokered private placement for 660,000 flow-through common shares at a price of $7.50 per share for gross proceeds of $4.95-million. The proceeds of the Offering will be used for funding exploration on Premier's Canadian properties.

As consideration for its services in connection with the Offering, Premier paid a finder a fee equal to 5% of the gross proceeds of the Offering.

The Flow-Through Shares issued pursuant to the Offering will be subject to a four month hold period from the date of closing the Offering. The completion of the Offering is subject to final approval from the Toronto Stock Exchange.