Paramount Gold and Silver Corp. (AMEX: PZG) has announced the closing of the public offering of 16 million shares of their common stock at the price of $1.25 per share. The underwriters exercised all of the overallotment of 2.4 million shares. $21.7 million in net proceeds were generated through the offering. The proceeds will be used to explore the San Miguel project and the consideration to acquire new precious metals projects.
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Paramount Gold and Silver Corp. (Paramount) is an exploration-stage mining company. The Company is engaged in precious metals exploration in Mexico and in British Columbia, Canada. The Company focuses to explore and develop the San Miguel Project located in the State of Chihuahua, Mexico. During the fiscal year ended June 30, 2009 (fiscal 2009), it started exploratory activities on the Vidette Lake project located in British Columbia, Canada. Through its wholly owned Mexican subsidiary, Paramount Gold de Mexico S.A. de C.V., the Company owns a 100% interest in the San Miguel property. The Company also owns additional mining concessions in the state of Chihuahua, Mexico. In March 2009, the Company acquired all Magnetic Resources Ltd. In March 2009, the Company acquired the outstanding option on the Temoris project.
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