Paramount Gold Nevada Announces Exercise of Warrants
January 29, 2019 at 07:00 AM EST
WINNEMUCCA, Nev., Jan. 29, 2019 (GLOBE NEWSWIRE) -- Paramount Gold Nevada Corp. (NYSE American: PZG) ("Paramount” or “the Company”) announced today that holders of 1,045,000 stock purchase warrants (“Warrants”) issued in connection with the Company’s private placement completed in February 2017 were exercised for gross proceeds of approximately $972,000.
In considering various options to raise additional capital, the Company’s Board of Directors determined that it was in the best interest of the Company to pursue resetting the exercise price of the Warrants to incentivize holders of the Warrants to exercise prior to their expiry of February 13, 2019. With an original exercise price of $2.25, the warrants exercise price was reset by the Company’s Independent Committee using a recent closing share price of the Company’s common stock. The holders of the warrants were offered a limited time to exercise at the reset price. All the Warrants issued and outstanding were exercised.
Glen Van Treek, CEO and President, commented, “We were very pleased to see all the outstanding warrants from our February 2017 private placement exercised. This demonstrates continued support from our long-term investors, including our major shareholders FCMI and Seabridge Gold, as we progress permitting at our Grassy Mountain Project.”
About Paramount Gold Nevada Corp.
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 PFS have been released and key permitting milestones accomplished (see press release dated May 24, 2018). Additionally, Paramount owns a 100% interest in the Sleeper Gold Project located in Northern Nevada. 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).
Safe Harbor for Forward-Looking Statements
Except as required by applicable law, Paramount disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this document.
Paramount Gold Nevada Corp.