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Para Resources raising up to C$6.4M to fund El Limon, Gold Road project costs

Para Resources Inc. said May 24 that it plans to raise up to C$6.4 million via a nonbrokered private placement.

The financing will consist of up to 32 million units priced at 20 cents apiece. Each unit comprises 1 share and a share purchase warrant, while each whole warrant is exercisable to acquire an additional share at 30 cents apiece for a three-year period, subject to an acceleration clause.

The proceeds will be used to make final payments for the purchase of the El Limon gold project in Colombia, and to fund the final costs of the preliminary preliminary economic assessment as well as mill and mine preparation at the Gold Road project in Arizona. The funds will also be used for general corporate and working capital purposes.