December 30, 2019, Vancouver, B.C. — Para Resources Inc. (the “Company” or “Para”) is pleased to announce that it has arranged a non-brokered private placement (the “Private Placement”) for total gross proceeds of up to C$5,000,000. The Private Placement will consist of up to 50,000,000 units at a price of C$0.10 per unit (each a “Unit”). Each Unit is comprised of one common share of the Company and one common share purchase warrant (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$0.15, subject to an accelerated expiry if the closing trading price of the Company’s shares is greater than C$0.30 per share for a period of 10 consecutive trading days (the “Acceleration Event”). The Company will give notice to the holders of the Acceleration Event and the Warrants will expire 30 days thereafter. Proceeds of the Private Placement will be used for general corporate and working capital purposes and work related to the Company’s projects.
The Private Placement is subject to TSX Venture Exchange (“TSXV”) approval. Para may pay finder’s fees to eligible finders, as permitted by applicable securities laws and the rules of the TSXV.
A copy of this news release can also be found on our SEDAR profile.