more news on PGDP Barrick Plus Financing
Paramount Gold Announces Market Value Financing
Ticker Symbol: PGDP
OTTAWA, Ontario -- (Business Wire) -- Oct. 13, 2005
Paramount Gold Mining Corp. (OTC:PGDP) is pleased to
announce that it has concluded arrangements for a US $750,000 private
placement financing of 1-year restricted stock. The transaction is
based on a per share price of US $1.26 with no warrants attached or
finder fees. The price is calculated on the basis of the average
closing price of Paramount's common stock over the past 10 trading
days. Haynes Capital Corp., a global capital management company that
enhances issuer access to the investment community, arranged the
financing.
¶ "Paramount Gold Mining Corp commenced trading only seven weeks
ago, and in this short time period the Company has announced
significant additions to their management team, and three
advanced-stage property acquisitions, including the recent deal with
Barrick Gold (NYSE:ABX). We have received overwhelming interest in
this financing from sophisticated investors in North America and
Europe who are confident the Company will become a producer in the
near future," said Richard Gallo of Haynes Capital Corp.
¶ Paramount's plans are to use the funds to commence comprehensive
work programs, including drilling, at the San Miguel and Yoquivo
properties located in the proven gold district of Chihuahua, Mexico
and the Linda Property in Peru. 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.
¶ Commenting on the work program at San Miguel, former Hecla
(NYSE:HL) Chief Geologist Bill Reed stated; "The San Luis mine had
previous assays across a 13 meter zone that ran 2 gpt gold and 400 gpt
silver. This zone can be traced on surface for about 200 metres and
the mine was known for multi-ounce per tonne ore. From everything I
have seen thus far, I believe this high grade ore is still in the mine
and I am excited to start the process of what I believe will lead to
the discovery of an economic, open-pit mine".
¶ About Paramount Gold
¶ Paramount Gold Mining Corp. is a precious metals exploration and
development company. The objective of its management team is to grow
Paramount into a significant gold and precious metals producer by
developing the San Miguel, Yoquivo, and Linda projects in Mexico and
Peru, and by acquiring other advanced-stage projects and/or producing
mines in the most prolific precious metal districts in the world.
www.paramountgold.com
¶ About Haynes Capital
¶ Haynes Capital Corp is a capital management company that helps its
clients to enhance their access to the investment community using its
network of contacts and associations. Services provided by Haynes
include corporate finance strategies, investor awareness programs, and
strategic business development.
¶ 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.
Contacts:
Investor Relations:
Skyline Communications, 613-226-9881
toll-free: 1-866-481-2233
www.skylinecommunicationsinc.com
or
Haynes Capital Corp.
Investor Relations, 416-850-2176
pgdp@haynescapitalcorp.com
www.haynescapitalcorp.com |
