Para Resources Announces Non-Brokered Private Placement

About this update from Soma Gold Corp.

[{"type":"text","content":"Para Resources Announces Non-Brokered Private PlacementVANCOUVER, BC / ACCESSWIRE / March 4, 2016 / Para Resources Inc. (the \"Company\" or \"Para\") (TSXV: PBR) (WKN: A14YF1) is pleased to announce a non-brokered private placement to raise gross proceeds of up to $400,000 through the issuance of up to 3,333,333 Units at a price of $0.12 per Unit (the \"Private Placement\").\nEach \"Unit\" will be comprised of one common share of the Company and one half of a common share purchase warrant. Each whole common share purchase warrant (a\" Warrant\") will entitle the holder to purchase one additional common share for a period of 18 months from closing at a price of $0.18 per share. The securities issued under the Private Placement will be subject to a four month hold period from the date of closing. In circumstances where, any time after the expiry of the four-month hold period, the Company's stock trades at $0.30 or greater for 5 consecutive days, the Company may give notice via a news release accelerating the expiry date of the exercise period of the Warrants to that date which is 30 days from the date of such notice.\nIn connection with the Private Placement, the Company may pay finder's fees in accordance with the policies of the TSX Venture Exchange. Completion of the Private Placement is subject to receipt of applicable regulatory approvals, including approval of the TSX Venture Exchange.\nProceeds of the Private Placement will be used to expand the production capacity at the El Limon mine in Colombia and for general working capital purposes.\nThe Private Placement will be conducted in reliance upon certain prospectus exemptions, including the exemption allowing issuers to raise capital by distributing securities to existing security holders (the \"Existing Shareholder Exemption\"). This offer is available to all shareholders who held our common shares on March 4, 2016. The Private Placement is not subject to any minimum subscription level. If the aggregate value of subscriptions under the Private Placement exceeds $400,000, subscriptions will be accepted in whole or in part at the discretion of the Company.\nPara also announces, subject to regulatory approval, the grant of a total of 1,025,000 stock options to directors, officers and consultants of the Company to purchase common shares of the Company in accordance with its sto...

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