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Para Announces $1,000,000 Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - December 14, 2017) - Para Resources Inc. (TSXV:...
About this update from Soma Gold Corp.
[{"type":"text","content":"Para Announces $1,000,000 Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - December 14, 2017) - Para Resources Inc. (TSXV: PBR) (WKN: A14YF1) (OTC Pink: PRSRF) (the \"Company\" or \"Para\") is pleased to announce that it has arranged a non-brokered private placement (the \"Private Placement\") for total gross proceeds of up to $1,000,000. The Private Placement will consist of up to 5,000,000 units at a price of $0.20 per unit (each a \"Unit\"), a 33.3% premium to the current market price. Each Unit will be comprised of one common share of the Company and one-half common share purchase warrant (each whole such warrant a \"Warrant\"). Each Warrant will entitle the holder to acquire one common share of the Company for a period of 18 months at a price of $0.30. Proceeds of the Private Placement will be used to fund the exploration program at the El Limon Mine, continue the evaluation and engineering work at the Gold Road Mine and for general working capital. The Company expects certain of its directors to participate in the Private Placement. The Private Placement is subject to TSX Venture Exchange approval.Para is pleased to report that all matters submitted to the shareholders for approval as set out in the Company's Notice of Meeting and Information Circular, both dated November 8, 2017, were approved by the requisite majority of votes cast at the Company's Annual General Meeting (\"AGM\") held on Wednesday, December 13, 2017. Para also announces, subject to regulatory approval, the grant of a total of 1,725,000 stock options to directors, officers and consultants of the Company to purchase common shares of the Company in accordance with its stock option plan. 1,300,000 of those options, granted to senior management, vest over three years and the balance, granted to directors and consultants vest immediately. The options are issued at an exercise price of fifteen cents per common share and expire five years from the date of issuance.The Company also issues a correction to its news release of December 7, 2017 regarding the company that is conducting a series of technical reports on the Gold Road mine property. The work of the NI 43-101 mineral resources estimate is underway with RPM Global and the PEA is expected to be completed in early 2018.ABOUT PARA RESOURCES:Para is a junior producing gold mining c...