The Prospector News

PARAMOUNT GOLD NEVADA CLOSES $15 MILLION FINANCING WITH SPROTT STREAMING

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

PARAMOUNT GOLD NEVADA CLOSES $15 MILLION FINANCING WITH SPROTT STREAMING

 

 

 

 

 

Paramount Gold Nevada Corp. (NYSE American: PZG) announced that it has closed the previously announced $15 million financing with Sprott Resource and Streaming Royalty Corp. through the issuance of a non-dilutive Secured Royalty Convertible Note.

 

 

The proceeds of the financing will be used to fund the continued permitting of the proposed Grassy Mountain Gold Mine in eastern Oregon, for general corporate purposes and for the repayment of the company’s outstanding debt.

 

 

Paramount CEO, Rachel Goldman commented, “With the receipt of the Notice to Proceed from the State of Oregon, the Grassy permitting process has taken on greater certainty and this financing will allow us to fund our activities through to the receipt of final permits. Sprott Streaming is an ideal financial partner, a flexible and seasoned natural resource investor, providing an important source of patient capital.”

 

 

The RCN will carry an interest rate of 10% per annum, which, at Paramount’s discretion, will be payable in cash or shares at a 7% discount to the 10-day VWAP from the scheduled date of payment of interest. The RCN may be repaid in cash or through the issuance of the Royalty at the earlier of the commencement of commercial production or 5 years from the RCN closing date. The RCN is convertible into a gross revenue royalty of 4.75% of the gold and silver produced from the proposed Grassy Mountain Gold Mine proportionate to the final amount of the funds that have been advanced upon reaching commercial production. If a Royalty is issued, Paramount has the option to buy back 50% of the Royalty by paying either $11.25 million on the 2nd anniversary of the RCN agreement or $12.375 million on the 3rd anniversary.

 

 

“With the closing of this financing, Paramount will start a catalyst rich 2024 with the financial flexibility to fund our goal of making Grassy Mountain the first modern mine in the State of Oregon, and we welcome Sprott Streaming as a new stakeholder supporting our journey,” Goldman added.

 

 

Caroline Donally, Managing Partner, Sprott Streaming, commented, “We are delighted to partner with Paramount as it progresses the high grade, feasibility study stage Grassy Mountain Gold Mine through the permitting process in Oregon.”

 

Posted December 29, 2023

Share this news article

MORE or "UNCATEGORIZED"


K92 Mining Announces Significant Maiden Drilling Results From Arakompa – Intersecting Multiple High Grade Lodes Including 7.2 M at 24.76 G/T AuEq & 149.4 M at 2.12 G/T AuEq Bulk Intersection Near Surface

First two holes from K92’s maiden drill program at the Arak... READ MORE

February 21, 2024

Bravo Intersects Shallow, Wider and Higher-Grade PGM+Au+Ni Mineralization in the North Sector at Luanga

Highlights include 29m at 2.40g/t PGM+Au, 0.10% Ni (including ... READ MORE

February 21, 2024

INTEGRA ANNOUNCES SALE OF 1.5% ROYALTY INTEREST IN DELAMAR PROJECT TO WHEATON PRECIOUS METALS FOR CASH CONSIDERATION OF US$9.75 MILLION

Integra Resources Corp. (TSX-V: ITR) (NYSE American: ITRG) is ple... READ MORE

February 21, 2024

Prime Releases Final 2023 Drilling Results and Recap from Los Reyes

Prime Mining Corp. (TSX: PRYM) (OTCQX: PRMNF) (Frankfurt: 04V3) ... READ MORE

February 21, 2024

i-80 Gold Announces Closing of Oversubscribed Non-Brokered Private Placement

i-80 GOLD CORP. (TSX: IAU) (NYSE: IAUX) is pleased to announce ... READ MORE

February 21, 2024

Copyright 2024 The Prospector News