Paramount Gold and Silver Corp.

Paramount Gold and Silver Corp.

March 17, 2009 09:01 ET

Paramount Gold And Silver Corp. Provides Update on CDN$9,000,000 Equity Financing

OTTAWA, ONTARIO--(Marketwire - March 17, 2009) - Paramount Gold and Silver Corp. (TSX:PZG)(NYSE.A:PZG)(FRANKFURT:P6G) ("Paramount" or the "Company") announced last week (see release dated March 12, 2009) that it has executed definitive documents in connection with its previously announced C$9,000,000 equity financing. Paramount has now received approval of the NYSE Alternext and expects to close the financing prior to the end of March 2009.

The Company relies on the hardship exemption for TSX approval to list the securities on the Toronto Stock Exchange. As outlined in its notification issued March 16, 2009, the TSX has advised the Company that reliance on the hardship exemption has automatically resulted in a TSX de-listing review. Paramount believes the de-listing review is a routine procedure when using this exemption and currently complies with applicable TSX listing requirements and expects to continue to comply with such requirements following completion of the financing. The Company has advised the TSX of its intention to submit the required financial information subsequent to closing of the financing in order to provide the TSX with the information required to conclude its review.

Paramount believes the decrease in its share price which occurred on March 16, 2009 was due to investor misunderstanding surrounding the TSX market notification in the context of the current financing.

The TSX has reviewed this news release prior to issuance.

Certain of the statements made and information contained herein may contain "forward-looking information" within the meaning of the Ontario Securities Act or "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 of the United States, including, without limitation, statements concerning the Company's plans at its San Miguel Project and other mineral properties, which involve known and unknown risks, uncertainties and other factors, some of which are beyond the Company's control which may cause the actual results, performance or achievements of the Company, or industry results and/or consensus metal prices, to be materially different from any future results, metal prices, performance or achievements expressed or implied by such forward-looking information or forward-looking statements. Forward-looking information and forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information or forward-looking statements.

Contact Information

  • Paramount Gold and Silver Corp.
    Christopher Crupi
    Chief Executive Officer