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Para Resources Announces Closing of Its Non-Brokered Private Placement and a Change to the Mining Plan and Production Planning at Gold Road
Vancouver, British Columbia--(Newsfile Corp. - May 2, 2019) - Para Resources Inc. (TSXV: PBR) ...
About this update from Soma Gold Corp.
[{"type":"text","content":"Para Resources Announces Closing of Its Non-Brokered Private Placement and a Change to the Mining Plan and Production Planning at Gold RoadCompany Also Announces Commencement of Exploration DrillingVancouver, British Columbia--(Newsfile Corp. - May 2, 2019) - Para Resources Inc. (TSXV: PBR) (WKN: A14YF1) (OTC Pink: PRSRF) (the \"Company\" or \"Para\") is pleased to announce that it has closed the Company's previously announced non-brokered private placement (the \"Offering\"). Pursuant to the Offering, the Company has issued 29,591,788 units of the Company (the \"Units\") at a price of C$0.18 per Unit for gross proceeds to the Company of approximately C$5,326,522. Each Unit consists of one common share of Para and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire one common share of the Company at a price of C$0.25 until November 2, 2020. The warrants are subject to an accelerated expiry if the closing trading price of the Company's shares is greater than 35 cents per share for a period of 10 consecutive trading days. The Company will give notice to the holders of the acceleration event and the warrants will expire 30 days thereafter. All of the securities issued pursuant to the Offering are subject to a four month hold period in accordance with applicable Canadian securities law. Glenn Walsh and Geoff Hampson, directors of the Company, participated in the Offering by purchasing an aggregate of 28,961,788 Units. Accordingly, the Offering constitutes a related-party transaction under Multilateral Instrument 61-101. Because the Company's shares trade only on the TSX Venture Exchange, the issuance of securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b) of MI 61-101 and exempt from the minority approval requirements of Section 5.6 of MI 61-101 pursuant to Subsection 5.7(a) of MI 61-101.The Company also announces that it is developing a new mine plan for the Gold Road Mine. The first phase of the previous mine development plan included rehabilitation of the existing workings including the haulage road, the underground ventilation system, ground support, dewatering, secondary escapeways, power distribution and mine infrastructure, all of which have been substantially completed. The second phase of the plan, which had bee...