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Paramount Gold raises $3.6 mln for Sleeper mine in Nevada

Tuesday, February 7, 2017 6:25
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Paramount Gold Nevada Corp (NYSE MKT: PZG) is to raise just over US$3.6 mln via the issue of 2.09 mln units at US$1.75 per unit. 

Each unit consists of one share of common stock and one warrant to purchase one-half of a share of common stock. Each warrant will have a two-year term and will be exercisable at the following exercise prices:  in the first year at $2.00 per share and in the second year at $2.25 per share.

FCMI Parent Co., Paramount’s largest stockholder, has come into the deal and increased its ownership 18.84%, while Seabridge Gold Inc. (NYSE:SA)(TSX:SEA), Paramount’s second largest stockholder, has committed to participating in the offering, and will maintain its  current pro-rata ownership.

Proceeds from the Transaction will be used primarily to complete the pre-feasibility study at the Sleeper gold project in Northern Nevada. 


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