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Paramount Gold Nevada Has Closed Its Registered Direct Offering and Concurrent Best Efforts Offering in Canada

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Paramount Gold Nevada Has Closed Its Registered Direct Offering and Concurrent Best Efforts Offering in Canada

 

 

 

 

 

Paramount Gold Nevada Corp. (NYSE American: PZG) announced today that it has closed its previously announced non-brokered registered direct offering in the US  and a concurrent best efforts agency offering in Canada of 4,807,700 shares of its common stock at a price of  US$1.04 per common stock. The gross proceeds of the Offerings totaled US$5 million.

 

“The continued support of existing shareholders including Seabridge Gold and the addition of new shareholders enabled us to raise the full amount we were seeking. This new capital strengthens our balance sheet and positions us to complete critical milestones for the next phases of state and federal permitting for our Grassy Mountain Gold Project.  Our permitting efforts will be complemented by the upcoming completion of the Feasibility Study which remains on track for release this summer,” commented CEO, Rachel Goldman.

 

Ms. Goldman added, “In addition to upcoming permitting and feasibility milestones, it is our expectation that we will initiate a drill program upon receipt of all permits at the highly prospective Frost project, located just 12 miles west of Grassy Mountain.”

 

The US Offering was made under the U.S. Securities Act of 1933, as amended, pursuant to a preliminary prospectus supplement and the accompanying base prospectus under the Company’s effective shelf registration statement on Form S-3 (File  No. 333-218295) that was declared effective by the United States Securities and Exchange Commission on June 8, 2017. Copies of these US Prospectuses are available under the Company’s profile at www.sec.gov. The Canadian Offering was made pursuant to the Company’s preliminary short form prospectus filed on June 22, 2020 and final short form prospectus filed on June 24, 2020 (collectively, the “Canadian Prospectuses”) with the Ontario, British Columbia and Alberta Securities Commissions. Copies of the Canadian Prospectuses are available under the Company’s profile at www.sedar.com.

 

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.  Any offer to buy the securities may be withdrawn or revoked, without obligation or commitment of any kind, at any time prior to notice of its acceptance.

 

About Paramount Gold Nevada Corp.

 

Paramount Gold Nevada Corp. is a U.S. based precious metals exploration and development company. Paramount’s strategy is to create shareholder value through exploring and developing its mineral properties and to realize this value for its shareholders in three ways: by selling its assets to established producers; entering into joint ventures with producers for construction and operation; or constructing and operating mines for its own account.

 

Paramount owns 100% of the Grassy Mountain Gold Project which consists of approximately 11,000 acres located on private and BLM land in Malheur County, Oregon. The Grassy Mountain Gold Project contains a gold-silver deposit (100% located on private land) for which results of a positive Pre-Feasibility Study have been released and key permitting milestones accomplished.

 

Paramount owns a 100% interest in the Sleeper Gold Project located in Northern Nevada, the world’s premier mining jurisdiction. The Sleeper Gold Project, which includes the former producing Sleeper mine, totals 2,322 unpatented mining claims (approximately 60 square miles or 15,500 hectares). The Sleeper gold project is host to a large gold deposit (over 4 million ounces of mineralized material) and the Company has completed and released a positive Preliminary Economic Assessment.

 

Posted June 30, 2020

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