PZG gets Italian fund buyer:
Press Release Source: Paramount Gold and Silver Corp.
Paramount Gold and Silver Corp. Announces $2.4 Million Private Placement
Wednesday November 7, 2:15 pm ET
OTTAWA, ONTARIO--(MARKET WIRE)--Nov 7, 2007 -- Paramount Gold and Silver Corp. (Toronto:PZG-TO.TO - News)(AMEX:PZG - News)(Frankfurt:P6G.F - News)(WKN: A0HGKQ) is pleased to announce a US$2.4 Million private placement financing of restricted stock at US$2.40 per unit. Each unit is comprised of one share of restricted common stock and one common share purchase warrant ("Unit"). Each warrant is exercisable to acquire one common share at an exercise price of US$3.25 for a period of two years. The Units were subscribed by Fondi Anima of Milan, Italy, in reliance upon exemptions from registration and prospectus requirements of applicable securities legislation. Anima is the Number 1 Italian fund management company in terms of assets under management and number of clients, managing over $11 billion Euros in assets. Westmount Capital of Geneva, Switzerland, brokered this Private Placement, and was paid a 6% commission. The financing is conditional upon American Stock Exchange and TSX approval.
Paramount will use the funds to continue its drill program in Mexico, and to acquire additional advanced stage gold/silver properties.
Paramount Gold and Silver Corp. is listed on the AMEX and TSX under the symbol PZG and on the Frankfurt Stock Exchange under the symbol P6G (WKN: A0HGKQ). Paramount Gold is a precious metals mining exploration company, presently in the early stages of an extensive exploration program at their San Miguel project, located in the Guazapares Mining District of Mexico, part of the Sierra Madre Occidental gold-silver belt. Paramount has completed over 20,000 meters of drilling in its current 50,000 meter program. Results are pending on the last 34 drill holes. In March 2007, Paramount completed a $21.8 million financing which is being utilized to develop their San Miguel project and other opportunities.
