Paragon Minerals Corporation (TSXV:PGR) has been acquired by Canadian Zinc Corporation (TSX:CZN,OTCQB:CZICF). Canadian Zinc has acquired all of the issued and outstanding common shares in the capital of Paragon that it did not already own, as approved by Paragon shareholders on September 17, 2012 and approved by the Supreme Court of British Columbia on September 20, 2012.
As quoted in the press release:
With the completion of the Arrangement, the Paragon shares are expected to cease trading on the TSX Venture Exchange on or about the close of business on September 24, 2012.
Canadian Zinc Chairman and Chief Executive Officer John Kearney said:
We would like to welcome our new shareholders from Paragon and thank them for their strong support of this transaction. The combined company is well positioned to expand the current VMS resource and advance the South Tally Pond Project through further exploration and feasibility studies, and together our shareholders will benefit from building an emerging zinc producing company an enhanced capital markets profile of the combined company.