Para Resources Inc. Arranges Loan with Conex Services Inc. and Grants Stock Options
Suite 654, 999 Canada Place Vancouver, British Columbia V6C 3E1
PARA RESOURCES INC. ARRANGES LOAN WITH CONEX SERVICES INC. AND GRANTS STOCK OPTIONS
Vancouver, British Columbia, January 13, 2015 – Para Resources Inc. (TSXV: PBR)(the “Company”) wishes to announce that it has arranged a loan of $250,000 (the “Loan”) from Conex Services Inc. (“Conex”) for working capital purposes pursuant to a loan agreement with Conex (the “Loan Agreement”). The Loan is available in multiple tranches (each a “Tranche”), each of which will be secured by a promissory note.
Each Tranche has a term of 12 months from the date of its advance (the “Term”) and each Tranche bears interest at the rate of 1% per month during the Term. Any outstanding amount under the Loan Agreement can be repaid earlier than the expiration of the Term on giving Conex 10 business days’ advance written notice.
Subject to TSX Venture Exchange (the “Exchange”) approval, the Company will issue the maximum number of bonus shares (the “Bonus Shares”) permitted under the Exchange to Conex at a deemed price of $0.05 per share in consideration for providing the Loan. The Bonus Shares will be issued in accordance with the Exchange’s policies and will be subject to a hold period of four months and a day from issuance. The Loan is subject to the Exchange approval.
The Company also wishes to announce that it has granted an aggregate of 1,100,000 incentive stock options to directors and consultants of the Company. All of the stock options are exercisable at a price of $0.05 per share for a period of five (5) years. The stock options have been granted under and are governed by the terms of the Company’s incentive stock option plan. The stock option grants are subject to filing with the Exchange.
About Para Resources:
Para Resources is a publicly-listed company on the Exchange with a focus on Brazilian gold properties. Para owns 100% of a gold and copper bearing property near the town of Tucumã in Para State in Brazil. Tucumã is located within a prospective area for gold and copper deposits, and the Company is looking to add additional prospective or advanced stage properties in the area to leverage the experienced and qualified geological team already on the ground.
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.
ON BEHALF OF THE BOARD OF DIRECTORS
“C. Geoffrey Hampson”
Chief Executive Officer
For further information, please contact Andrea Laird: Telephone: 604-648-3913, Fax: 604-683-9387.