Paramount Gold Nevada announces term sheet financing of up to $15M

Paramount Gold Nevada announced that it has executed a non-binding term sheet with Sprott Resource and Streaming Royalty, for a Royalty Convertible Note providing for minimum proceeds of $10M and maximum proceeds of up to $15M. While substantial technical and legal due diligence has been completed by Sprott Streaming, there can be no assurance that the proposed financing will be completed. The proceeds of the financing will be used to fund the continued permitting of the proposed Grassy Mountain Gold Mine in eastern Oregon, for general corporate purposes and for the repayment of the company’s outstanding convertible notes maturing in September of this year. Paramount CEO, Rachel Goldman commented, "We are delighted to welcome Sprott Streaming as an important partner in our continued efforts to advance Grassy Mountain through permitting and ultimately to a construction decision. Against the backdrop of a challenging equity market for junior resource companies, the financing contemplated by the term sheet we have executed will provide non-dilutive capital that is expected to fund the Company through to the receipt of permits at Grassy."