PMI Gold Completes Overnight Marketed Offering

PMI Gold Corporation (“PMI”) completed an overnight marketed public offering of 136,907,500 common shares for $0.84 per common share, representing aggregate gross proceeds of US$115,002,300, which included the issue of 17,857,500 common shares in connection with the exercise in full of the underwriters' over-allotment option. The common shares were issued in Canada pursuant to a final short form prospectus filed with the securities regulatory authorities in every province of Canada other than Quebec and on a private placement basis in the United States and Australia.

The offering was led by Clarus Securities Inc. and RBC Capital Markets as joint bookrunners and co-lead underwriters, and included Canaccord Genuity Corp., Euroz Securities Limited, GMP Securities L.P. and Raymond James Ltd. (collectively, the “Underwriters”).

Stikeman Elliott LLP was Canadian counsel to PMI with a team that included Quentin Markin, Kevin Smyth and Aniss Amdiss (Canadian securities and corporate) and John O'Connor (tax). Dorsey & Whitney LLP acted as US counsel to PMI, with a team that included Christopher Barry and Jodie Kaufman Davis (US securities).

McMillan LLP acted as counsel to the Underwriters with a team that included Hellen Siwanowicz, Jason Chertin (Canadian securities); Ryan Morris (tax) and Herbert Ono (US securities).

Lawyer(s)

Herbert I. Ono Kevin Smyth Hellen Siwanowicz Quentin Markin Ryan L. Morris Jason A. Chertin John P. O'Connor

Firm(s)

Stikeman Elliott LLP Dorsey & Whitney LLP McMillan LLP