Business
TSX Approves the Purchase of 100% of Colombia Milling Limited by Para Resources
Randy Martin Appointed President/COO and to the Board of Directors VANCOUVER, BC / ...
About this update from Soma Gold Corp.
[{"type":"text","content":"TSX Approves the Purchase of 100% of Colombia Milling Limited by Para ResourcesRandy Martin Appointed President/COO and to the Board of Directors\nVANCOUVER, BC / ACCESSWIRE / June\n21, 2016 / Para Resources Inc. (the \"Company\" or \"Para\") (TSXV: PBR) (WKN: A14YF1) is pleased to announce that it has received TSX Venture Exchange acceptance to the previously announced purchase of the shares of Colombia Milling Limited (\"CML\") owned by the other current shareholders of CML, Mr. Randall Martin (\"Martin\") and SAEF Exploration, Inc. (\"SAEF\") as follows:\n\n Share and Loan Purchase Agreement dated March 7, 2016, between the Para and Martin, whereby the Company will acquire 875 shares of CML and be assigned US$875,000 of loans owed by CML to Martin in consideration of 13,213,340 units (the \"Units\"), with each Unit consisting of one common share and one share purchase warrant (the \"Warrants\"). Each Warrant entitles the holder to purchase one share @ $0.20 for 18 months. AND\n\n\n Share and Loan Purchase Agreement dated Feb 11, 2016, between the Company and SAEF, whereby the Company will acquire 420 shares of CML owned by SAEF and will be assigned US$420,394.47 of loans owed by CML to SAEF in consideration of US$250,000 cash (paid) and a promissory note in the amount of US$170,000 (the \"SAEF Note\"). The SAEF Note is payable six months from issue & accrues interest @7% per annum. SAEF's CML Shares will be held in escrow until the SAEF Note is repaid.\n \n\nThe Company intends to close these transactions forthwith at which time it will own 100% of CML, which holds approximately 70% of Four Points Mining S.A. (\"Four Points\") which in turn, owns 100% of the El Limon Mine, located in Antioquia, Colombia. The acquisition price of both of these interests in CML was based on the cash advances made by the selling shareholders to CML. The loans payable by CML to Para that were acquired as part of these transactions, should allow Para the opportunity to repatriate distributions from Four Points in a tax efficient manner, as CML advanced the funds to Four Points for the re-construction and development of the El Limon Mine. \nOn Closing of this transaction, Martin will own approximately 15.9% of the outstanding common shares of the Company.\nMr. Martin will join the Board of Directors of the Company and will be appointed Presiden...