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Para Resources Increases Previously Announced Non-Brokered Private Placement to $600,000
VANCOUVER, BC / ACCESSWIRE / March 8, 2016 / Para Resources Inc. (the " Company " or " Para ...
About this update from Soma Gold Corp.
[{"type":"text","content":"Para Resources Increases Previously Announced Non-Brokered Private Placement to $600,000VANCOUVER, BC / ACCESSWIRE / March 8, 2016 / Para Resources Inc. (the \"Company\" or \"Para\") (TSXV: PBR) (WKN: A14YF1) is pleased to announce that due to significant demand it is increasing the non-brokered private placement previously announced on March 4th 2016, by $200,000 to raise gross proceeds of up to $600,000 through the issuance of up to 5,000,000 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 and one day period from the date of closing. In circumstances where, any time after the expiry of the 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.\nThe extra proceeds of the Private Placement will be used for general working capital purposes.\nThis press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.\nABOUT PARA RESOURCES:\nPara Resources is an exploration stage gold mining and toll milling company. Para will earn up to a 70% interest in the El Limon project, in Colombia, with toll milling opportunities, and exploration and development upside. In addition the Company is gearing...