Update: Path clear for Paramount Gold and Silver

Vancouver – With Silvercorp Metals (SVM-T, SVM-X) dropping its bid for Klondex Mines (KDX-T), Paramount Gold and Silver (PZG-T) says the way is clear for its proposed merger.

Paramount Gold and Silver has offered one of its shares for every 1.45 Klondex shares, which at the time of the offer valued Klondex at $80 million.

Klondex’s board of directors had rejected a Silvercorp bid of half a Silvercorp share for each Klondex share. At the time of the offer it valued Klondex at about $70 million.

Respectively, and when they were made, the Silvercorp and Paramount Gold and Silver bids pegged Klondex’s share price at $2.18 and $2.32 a share.