FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Clancy Michael R.
2. Issuer Name and Ticker or Trading Symbol

PARAMOUNT GOLD & SILVER CORP. [ PZG ]
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
Secretary
(Last)          (First)          (Middle)

C/O GOWLING LAFLEUR HENDERSON, 2600-160 ELGIN STREET
3. Date of Earliest Transaction (MM/DD/YYYY)

4/17/2015
(Street)

OTTAWA, A6 K1P 1C3
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock   4/17/2015     D    128581   D $147495.78   (1) 0   D    

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option   $1.14   (2) 4/17/2015     D         75000    3/18/2014   3/17/2018   Common Stock   75000   $532.80   (3) 0   D    

Explanation of Responses:
( 1)  Disposed of pursuant to the Agreement and Plan of Merger among Coeur Mining, Inc. (?Coeur?), Paramount Gold and Silver Corp. (?Paramount?), Hollywood Merger Sub, Inc. and Paramount Nevada Gold Corp. whereby each share of common stock of Paramount was converted into 0.2016 shares of Coeur common stock, resulting in 25,921.93 shares of Coeur common stock. Value reported is based on closing price of Coeur common stock on April 16, 2015.
( 2)  The option exercise price was reduced by $0.26 as a result of a spin-off of shares of Paramount Gold Nevada Corp. by the issuer.
( 3)  Options disposed of pursuant to Merger Agreement and at Coeur?s option is being exchanged for cash or Coeur common stock (using closing price on April 16, 2015).

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Clancy Michael R.
C/O GOWLING LAFLEUR HENDERSON
2600-160 ELGIN STREET
OTTAWA, A6 K1P 1C3


Secretary

Signatures
/s/ Michael R. Clancy 4/17/2015
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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