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Paramount Gold Nevada Corp. Sets Date for Special Meeting of Stockholders Pursuant to Its Pending Acquisition of Calico Resources Corp.
WINNEMUCCA, NEVADA--(Marketwired - May 23, 2016) - Paramount Gold Nevada Corp. ("Paramount") (NYSE MKT:PZG) announces that it will hold its Special Meeting of i
About this update from Paramount Gold Nevada Corp.
[{"type":"text","content":"WINNEMUCCA, NEVADA--(Marketwired - May 23, 2016) - Paramount Gold Nevada Corp. (\"Paramount\") (NYSE MKT:PZG) announces that it will hold its Special Meeting of its stockholders at 10:00 am PST on June 29, 2016. The meeting will take place at Paramount's head office located at 665 Anderson Street, Winnemucca, NV, 89445, USA. Stockholders of record as of the close of business on May 23, 2016, will be eligible to vote on the issuance of Paramount shares in connection with the previously announced agreement to acquire Calico Resources Corp. (see press release dated March 14, 2016) at the special meeting of stockholders. Stockholders of record will be eligible to vote via phone or internet as per the instructions they receive in the proxy statement. Additionally, stockholders of record will be eligible to vote in person at the Special meeting with their proxy card and proper identification. On March 14, 2016, Paramount entered into a definitive arrangement agreement pursuant to which Paramount will acquire all of the issued and outstanding common shares of Calico by way of a plan of arrangement. Pursuant to the Plan of Arrangement, Paramount will acquire each common share of Calico from Calico's shareholders in exchange for 0.07 of a share of Paramount common stock (the \"Exchange Ratio\"). Key investment highlights of the Transaction: The addition of the Grassy Mountain project would increase the Company's global measured mineralized material by 61% to 4 million contained gold ounces and its global indicated mineralized material by 14.4% to 1.1 million contained gold ounces. Comparing the measured plus indicated mineralized materials included in the PEA mine plans for both Sleeper and Grassy, this acquisition doubles the Company's contained gold ounces; The Grassy Mountain PEA base case scenario contemplates the following: 10 year underground mining operation averaging annual production of 53,000 ounces of Au and 82,000 ounces of Ag; The higher grade underground material which averages 5.32g/T (0.155 opt) Gold is a significant factor behind the low projected cash operating cost per ounce in the PEA; Life of mine (LOM) cash operating costs of US$578 per ounce of gold equivalent; An estimated Pre-Tax NPV of US$144.2 Million at a 5% discount rate; A pre-tax IRR of 32.6% assuming $1,300/oz Au and $17.50/oz Ag. Grassy Mountain is host t...