Vancouver (pcJ News Briefs) – Para Resources Inc. (TSX-V: PBR; WKN: A14YF1; OTCPK: PRSRF) has arranged a non-brokered private placement of up to 20,000,000 units at a price of $0.20 per unit for gross proceeds of up to $4,000,000.
Each unit will be comprised of one common share and one-half common share purchase. Each whole warrant will entitle the holder to acquire one common share for a period of 18 months at a price of $0.30.
Proceeds will be used to retire a portion of acquisition debt for the purchase of the El Limon Mine from Red Rock Resources, to pay the balance of the purchase price due for the OTU property, to acquire the surface rights to land associated with the El Limon Mine, for due diligence expenses related to additional projects under consideration and for general working capital.
Para Resources is a junior producing gold mining company that processes a combination of feed material mined by Para and material supplied to it by contract miners. Para owns approximately 75% of the El Limon project, in Colombia, which in addition to its current underground operation has toll milling opportunities, and exploration and development upside. In addition, the company has applied for the necessary permits to commence trial mining operations at its Angelim prospect on the Tucuma Project in Para State, Brazil.
photo credit: Para Resources