Business
Paramount Gold Nevada Corp. Completes Acquisition of Calico Resources Corp. and its Grassy Mountain Gold Project
WINNEMUCCA, NEVADA--(Marketwired - July 7, 2016) - Paramount Gold Nevada Corp. (NYSE MKT:PZG) ("Paramount" or the "Company") announced today that Paramount has
About this update from Paramount Gold Nevada Corp.
[{"type":"text","content":"WINNEMUCCA, NEVADA--(Marketwired - July 7, 2016) - Paramount Gold Nevada Corp. (NYSE MKT:PZG) (\"Paramount\" or the \"Company\") announced today that Paramount has completed its acquisition of Calico Resources Corp. (\"Calico\") pursuant to the Arrangement Agreement dated March 14, 2016 (the \"Agreement\") after having received the approval of the Supreme Court of British Columbia to the transaction on July 5, 2016. Calico is now a wholly-owned subsidiary of Paramount. Pursuant to the Agreement, Paramount issued 7,171,209 common shares to Calico shareholders as per the exchange ratio whereby Calico stockholders had the right to receive 0.07 of a share of common stock of Paramount for every common share of Calico. At the special meeting of its stockholders held on June 29, 2016, Paramount stockholders owning approximately 97.8% of the shares present in person or represented by proxy at the Paramount meeting, voted in favor of the arrangement proposal. Calico stockholders owning approximately 97.4% of the shares present in person or represented by proxy, voted in favor of Calico's proposal at a special meeting of its stockholders also held on June 29, 2016. Glen Van Treek, Paramount's President and CEO, said: \"We are pleased with the overwhelming vote of support from Calico stockholders. The acquisition not only diversifies and improves our asset base but it also strengthens our stockholder composition. The addition of the Grassy Mountain project is a textbook fit to our corporate strategy and the Paramount team is looking forward to continuing its advancement towards a production decision.\" Key investment highlights of the Calico acquisition are as follows: Adds a second advanced-stage asset which more than doubles the Company's measured plus indicated contained ounces of precious metals; Significantly improves the overall gold grade of the Company's global resources; Increases the Company's exploration upside potential; and Reduces shareholder risk by diversifying the Company's assets. The Grassy Mountain Gold Project consists of approximately 9,300 acres with its main deposit located on private land in Malheur County, Oregon. The Grassy Mountain gold-silver deposit has a completed Preliminary Economic Assessment (\"PEA\") and key permitting milestones have been accomplished. Please refer to the amended technical report titled...