Paramount Bags $3 Million for Gunung Rosa Project

SYDNEY (Yosefardi) – Paramount Mining Corp Ltd has secured $3 million funding facility from its existing long-term shareholders and senior management.
Paramount will issue shares up to $3 million by drawdowns of up to $1 million in a calendar month, commencing this month.
“At a time of particularly difficult funding conditions, it will give the company the flexibility and ability to maintain the momentum on the early development of our Gunung Rosa gold mine,” said Terry Holohan, CEO and managing director of Paramount, in a disclosure to ASX this morning.
Mr Holohan said the company will use proceeds to finalize in-fill diamond drilling program, complete metallurgical flow-sheet design work, and updating engineering studies.