posted
I have a good feeling about these guys. At least now I have a gauge from which to work for the short term. I am also pleased with the terms especially with no warrant.
Ottawa, Canada – (BUSINESS WIRE) – December 13, 2005 – Paramount Gold Mining Corp. (OTC:PGDP) is pleased to report that its private placement financing for US$750,000 at US$1.26 per share, announced November 3, 2005, is now closed, and was over-subscribed by US$67,750 for total subscriptions of US$817,750.
The US$817,750 financing of 1-year restricted stock is based on a per share price of US $1.26 with no warrants attached or finder fees. Haynes Capital Corp., a global capital management company that enhances issuer access to the investment community, arranged the financing.
Commenting on the closing of the financing, Chris Crupi, Paramount’s President, stated “We are very pleased to close an over-subscribed financing at a substantial premium to the current market price, which gives a strong vote of confidence to our exploration team and our two excellent projects. Investors were encouraged by the results to-date of our work program at San Miguel in Mexico, and the location of the property near recent discoveries with similar geology.”
Paramount’s plans are to use the funds to commence an aggressive drill program at San Miguel in early 2006, and to commence a drill program at the Linda Property in Peru (a partnership with Minera ABX Exploraciones, a subsidiary of Barrick Gold (NYSE:ABX). The Company will also use a portion of the proceeds to fund additional property acquisitions presently being evaluated that meet the criteria of being either advanced-stage properties or current producing mines.
About Paramount Gold Paramount Gold Mining Corp. is a precious metals exploration and development company. It is management's objective to grow Paramount into a significant gold and precious metals producer by developing the San Miguel project in Mexico, and by acquiring other advanced-stage projects and/or producing mines in the most prolific precious metal districts in the world.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
posted
Man, these gold stocks really take a hit when gold drops even a little bit. Good buying opportunity here....
Posts: 158 | Registered: Jan 2005
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posted
You are so right on that, I follow Trader Mike and he agrees that this is a great buying opp. I am going against my grain and picking up a little more. Having said that I hope we get of the pinks soon.
Posts: 22 | From: Ottawa | Registered: Jan 2005
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posted
I hope you all have been watching this, we're almost at $2.00
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