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Tuesday, 24th March 2009 (918 views)

Paramount Gold and Silver has announced the closure of its non-brokered private placement, which has been worth CAD$9,000,000 (£4,996,000).

The issue was carried out through the sale of 12,000,000 restricted units at CAD$0.75 each.

Paramount will be using the proceeds from the issue to help pay for further development at its San Miguel development in Mexico, plus 140,000 hectares of mining concessions.

Existing funds will combine with the new resources to cover these costs over the next 30 months.

The move came alongside changes in the boardroom, with president of Seabridge Gold Rudi Fronk and director of the same firm Eliseo Gonzalez-Urien joining the Paramount board.

At the same time, Daniel Hachey has resigned from the board but will still hold an advisory and consultancy position with the firm.

Paramount secured full ownership of the San Miguel project concessions last month, when it bought up the last 30 per cent of holdings from Tara Gold Resources.

 

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