Business
Para Resources Announces Name Change to Soma Gold Corp. and a Ten for One Share Consolidation
Vancouver, British Columbia--(Newsfile Corp. - May 8, 2020) - Para Resources Inc. (TSXV: SOMA)...
About this update from Soma Gold Corp.
[{"type":"text","content":"Para Resources Announces Name Change to Soma Gold Corp. and a Ten for One Share ConsolidationAlso Announces $3,000,000 Non-Brokered Post Consolidation Private PlacementVancouver, British Columbia--(Newsfile Corp. - May 8, 2020) - Para Resources Inc. (TSXV: SOMA) (WKN: A14YF1) (OTC: PRSRF) (the \"Company\" or \"SOMA\") is pleased to announce that it has completed the previously announced share consolidation of one new share for every ten old shares (the \"Consolidation\") and a concurrent name change to Soma Gold Corp., with a new trading symbol of TSXV:SOMA. The Company also announces that it has arranged a non-brokered private placement (the \"Private Placement\") for total gross proceeds of up to C$3,000,000. The Company's name change to \"Soma Gold Corp.\" and Consolidation on a 10:1 basis is effective today. Registered shareholders will receive letters of transmittal in order to exchange their old shares for new shares. Shareholders holding their shares through brokerage accounts will have their share positions updated automatically (with effect as of May 8, 2020) in the days following the effective date. Following the share consolidation, approximately 30,393,365 shares will be outstanding. The new CUSIP/ISIN numbers for the Soma Gold Corp. shares are as follows: 83445W108 / CA83445W1086.The exercise price and number of common shares of the Company issuable upon the exercise of outstanding stock options, warrants or other convertible securities will be proportionately adjusted to reflect the Consolidation in accordance with the terms of such securities. No fractional shares will be issued as a result of the Consolidation. Any fractional shares resulting from the Consolidation will be rounded down to the next whole share, and no cash consideration will be paid in respect of fractional shares.The Private Placement will consist of up to 20,000,000 post Consolidation units at a price of C$0.15 per unit (each a \"Unit\"). Each Unit is comprised of one common share of the Company and one common share purchase warrant (each a \"Warrant\"). Each Warrant entitles the holder to acquire one common share of the Company for a period of 24 months at a price of C$0.25. Proceeds of the Private Placement will be used for the first tranche payment for the acquisition of Operadora Mineros, S.A.S. and for general corporate and working capital ...