Paragon Minerals closes private placement with Canadian Zinc Corporation
06 August 2012 - 4:19AM
PR Newswire (Canada)
TSX Venture Exchange Symbol: PGR Shares Issued: 60,649,254
VANCOUVER, Aug. 9, 2012 /CNW/ - Paragon Minerals Corporation
("Paragon") is pleased to announce that it has closed the
previously announced non-brokered private placement financing with
Canadian Zinc Corporation ("Canadian Zinc"). Canadian Zinc has
invested $490,000 through the purchase of 7,000,000 Paragon shares
priced at $0.07 per share. The shares issued in connection
with the financing will be subject to a four month hold period
that expires on December 10, 2012. Proceeds of the
financing will be used for general and administrative purposes and
exploration/maintenance of Paragon properties. Concurrent with the
private placement subscription agreement, Paragon entered into a
definitive agreement with Canadian Zinc, whereby Canadian Zinc will
acquire all of the outstanding common shares of Paragon in exchange
for common shares of Canadian Zinc by way of a statutory plan of
arrangement (the "Arrangement"). The Arrangement is subject
to approval by the Paragon shareholders, regulatory and court
approvals, and other customary closing conditions. See Paragon News
Release dated July 31, 2012 for further details. About Paragon
Minerals Corporation Paragon Minerals Corporation is a
Canadian-based mineral exploration company focused on gold and
base-metal exploration in Newfoundland and northwest Ontario.
Paragon's flagship project is the 100%-owned South Tally Pond VMS
project where it is advancing a significant precious metal rich
massive sulphide deposit located in producing base metal mining
district in central Newfoundland. Paragon is also exploring a
portfolio of gold properties through partner and company-funded
exploration programs. PARAGON MINERALS CORPORATION "Michael J.
Vande Guchte" President & CEO Forward-looking Statements: This
news release contains certain statements that may be deemed
"forward-looking statements". All statements in this release,
other than statements of historical fact, that address events or
developments that Paragon expects to occur, are forward looking
statements. Forward-looking statements are statements that
are not historical facts and are generally, but not always,
identified by the words "expects", "plans", "anticipates",
"believes", "intends", "estimates", "projects", "potential" and
similar expressions, or that events or conditions "will", "would",
"may", "could" or "should" occur. Forward-looking statements
in this document include statements regarding approvals for, and
completion of, the proposed plan of arrangement. Although
Paragon believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance and actual results may differ
materially from those in forward-looking statements. Factors
that could cause the actual results to differ materially from those
in forward-looking statements include inability to obtain required
regulator, shareholder or governmental approvals and general
economic, market or business conditions. Investors are
cautioned that any such statements are not guarantees of future
performance and actual results or developments may differ
materially from those projected in the forward-looking statements.
Forward-looking statements are based on the beliefs, estimates and
opinions of Paragon's management on the date the statements are
made. Except as required by securities laws, Paragon undertakes no
obligation to update these forward-looking statements in the event
that management's beliefs, estimates or opinions, or other factors,
should change. These statements are based on a number of
assumptions, including, among others, assumptions regarding general
business and economic conditions, the timing of the receipt of
regulatory, shareholder and governmental approvals for the
transactions described herein and the ability of Paragon and other
relevant parties to satisfy stock exchange and other regulatory
requirements in a timely manner. The foregoing list of assumptions
is not exhaustive. Events or circumstances could cause
results to differ materially. "Neither the TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release." Paragon Minerals
Corporation CONTACT: please visit the company website or contact
Michael Vande Guchteat(604) 629-2353.
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