Item 7.01. Regulation FD Disclosure.

On October 15, 2009, Paramount Gold and Silver Corp. ("Paramount" or the "Company") issued a press release announcing the closing of its previously announced underwritten public offering (the "Offering") by Paramount of 18,400,000 shares of its common stock, $0.001 par value per share. The shares were offered to the public at $1.25 per share less a discount to the underwriters for fees and costs representing 5.6% of gross proceedings. The Offering was made under Paramount's shelf registration statement on Form S-3 (Registration No. 333-153104), including a base prospectus dated January 8, 2009, as supplemented by prospectus supplements dated October 5, 2009 and October 9, 2009. The Company intends to use the net proceeds from the Offering for (i) exploration of the San Miguel area, (ii) acquisition and exploration of new precious metals projects and (iii) general corporate purposes. A copy of the press release is attached to this report as Exhibit 99.1. The information set forth herein and in the press release is deemed to be "furnished" and shall not be deemed "filed" for purposes of the Securities Exchange Act of 1934, as amended. The information set forth in Item 7.01 of this report shall not be deemed an admission as to the materiality of any information in this report on Form 8-K that is required to be disclosed solely to satisfy the requirements of Regulation FD.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No. Description

99.1 Press Release dated October 15, 2009

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