Paramount Gold Nevada Corp. (PZG): debt financing — Paramount Gold enters up to $1.5M bridge note with Seabridge, 12% interest, due Sept 2023

Paramount Gold Nevada Corp.

Bridge promissory note allows borrowings up to $1,500,000 in advances of at least $250,000.
Interest at 12% per annum; principal and accrued interest due September 30, 2023.
Prepayment permitted without penalty; mandatory prepayment from net proceeds of any financing.
Seabridge Gold is an affiliate of Chairman Rudi Fronk and holds ~6.5% of Paramount's common stock.
Proceeds intended for general corporate purposes; note contains customary covenants and default provisions.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 1.0

Paramount Gold Nevada Corp. incurred loan of up to $1,500,000 with Seabridge Gold, Inc. at 12% per annum maturing September 30, 2023.

Instrument: loan
Principal: up to $1,500,000
Counterparty: Seabridge Gold, Inc.
Rate: 12% per annum
Maturity: September 30, 2023
Event: incurrence

Exact text from the filing

On December 9, 2022, Paramount Gold Nevada Corp. (the “Company”) issued a Bridge Promissory Note (the “Note”) to Seabridge Gold, Inc. (“Seabridge”), an entity affiliated with the Chairman of our Board of Directors, Rudi Fronk, and an owner of approximately 6.5% of our outstanding common stock, pursuant to which the Company may borrow, in one or more advances, the principal amount of up to $1,500,000 (the “Loan”). The Loan bears interest at a per annum rate of 12%, payable upon maturity or prepayment, and matures on September 30, 2023.

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Source: SEC EDGAR

accession 0000950170-22-026313

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