Para Announces Results of AGSM
Para Announces Results of AGSM
Vancouver, British Columbia--(Newsfile Corp. - December 19, 2018) - Para Resources Inc. (TSXV: PBR) (WKN: A14YF1) (OTC
Pink: PRSRF) (the "
Company
" or "
Para
") is pleased to announce that all matters submitted to the shareholders for approval as
set out in the Company's Notice of Meeting and Information Circular, both dated November 6, 2018, were approved by the
requisite majority of votes with 69.7% of eligible votes cast at the Company's Annual General and Special Meeting ("AGSM")
held on Wednesday, December 19, 2018.
Additionally, further to the Company's previously announced restructure of outstanding shareholder loans on October 30, 2018
from Conex Services Inc. and Conterra Construction, Inc. (together, the "Lender"), the Company has "closed on" or added, a
further principal amount of $1,343,544.61 to the August 2018 convertible note (the "Note") on the same terms as previously
disclosed. The person controlling the Lender companies is an insider of the Company.
Participation of an insider of the Company in the Note financing constitutes a related party transaction as defined under
Multilateral Instrument 61-101 (
Protection of Minority Security Holders in Special Transactions
). Because the Company's
shares trade only on the TSXV, the issuance of securities is exempt from the formal valuation requirements of Section 5.4 of MI
61-101 pursuant to Subsection 5.5(b) of MI 61-101 and exempt from the minority approval requirements of Section 5.6 of MI 61-
101.
ABOUT PARA RESOURCES:
Para is a junior producing gold mining company. Para owns approximately 80% of the El Limon project, in Colombia, which in
addition to its current underground operation is purchasing mineralized rock mined by small artisanal miners working on the
Company's property. The El Limon and OTU properties also have exploration and development upside. The Company also
owns 88% of the Gold Road Mine in the Oatman District of Arizona. RPM Global recently produced a NI 43-101 Technical
Report and PEA, establishing a Mineral Resource estimate and a good economic outlook for the Gold Road Mine. Production
at Gold Road is expected to commence in February 2019. Para will continue to take advantage of current market conditions to
acquire and develop additional highly economic, near-term production assets that have strong exploration and development
upside.
On behalf of the Board of Directors
"C. Geoffrey Hampson"
_________________________
C. Geoffrey Hampson, Chairman, Chief Executive Officer and Director
For further information, please contact Andrea Laird, telephone: +1-604-259-0302
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking
statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities laws. Forward
Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance
that is based on assumptions about future economic conditions and courses of action; the timing and costs of future activities
on the Company's properties; success of exploration, development and mill processing activities; and the anticipated results
to be achieved from operation of the Gold Road Mine. The Company also cautions that there is no assurance that past
production at Gold Road or production at nearby mines is indicative that the Company will achieve similar results. In certain
cases, Forward-Looking Information can be identified by the use of words and phrases such as "plans", "expects",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or variations of such words and phrases. In preparing the
Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not
limited to, that the asset purchase agreement will close as anticipated. Forward-Looking Information involves known and
unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the
Company to be materially different from any future results, performance or achievements expressed or implied by the
Forward-Looking Information. There can be no assurance that Forward-Looking Information will prove to be accurate, as
actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should
not place undue reliance on Forward-Looking Information. Except as required by law, the Company does not assume any
obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or
circumstances after the date hereof or to reflect the occurrence of unanticipated events.
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT FOR DISSEMINATION IN
THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES