Billionaire Converts Debt to Pershing Gold (PGLC) Penny Stock

Hot penny stock Pershing Gold Corporation (OTCBB: PGLC) traded 797,223 shares yesterday to close up 0.025, 4.55%, at $0.575. Shares traded as high as $0.62 during the session on the penny stock that has Forbes list Billionare Phillip Frost heavily invested in it. PGLC was $0.47 when we made the initial penny stock alert on it.

Pershing Gold Corp. announced pre-market that over $9 million of debt and warrants that were issued in connection with the company’s Relief Canyon Mine acquisition last month has been converted into PGLC shares and Series D Preferred Stock.

PGLC Stock 5 & 10 Day Average:

5 Day Percent Change -37.43
5 Day Moving Average 0.5590
5 Day Average Volume 2,695,996

10 Day Percent Change 12.75
10 Day Moving Average 0.5964
10 Day Average Volume 2,862,795

Billionaire Phillip Frost, Trustee of Frost Gamma Investments, was among the debt holders who converted into PGLC shares and Series D Preferred Stock. Included in the debt conversion was also Platinum Long Term Growth LLC and Lakewood Group LLC.

PGLC also raised an additional $1,505,000 by selling shares of its penny stock to accredited investors pursuant to subscription agreements at a purchase price of $0.35 per share.

Pershing Gold director Barry Honig said that by converting the debt attributed to the Relief Canyon Mine acquisition last month had been a priority for the company since they were wanting to strengthen the balance sheet and move forward with autonomy.

Pershing Gold was profiled in detail here last month as one of the penny stocks to watch. To view the profile, click PGLC.

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