Para Resources Announces Delay in Filing Under COVID-19 Duress
Vancouver, April 9, 2020 - Para Resources Inc. (TSXV: PBR) (WKN: A14YF1) (OTC: PRSRF) (the "Company" or "Para") announces that due to circumstances created by the COVID-19 pandemic, the British Columbia Securities Commission and other members of the Canadian Securities Administrators granted "Issuers" in the Canadian securities industry up to an additional 45 days, to complete year-end statutory filings. The Company does not believe that it will be able to file its December 31, 2019 audited annual financial statements by its usual 120 day deadline of April 29, 2020, and will be relying on the extension. Accordingly, as required by the conditions of the extension, the Company's management and other insiders will be subject to a trading black-out that reflects the principles in Section 9 of National Policy 11-207 until its financial statements are filed, which will be by June 16, 2020. Other than as previously disclosed by the Company in news releases, including the information herein, there are no other material business developments since the date of the Company's most recent filing of its interim financial statements and management discussion and analysis for its Q3 ended September 30, 2019. The Company will be providing an update news release on the status of filing its December 31, 2019 audited financial statements by May 29, 2020.
ABOUT PARA RESOURCES:
Para Resources Inc. ("Para") is a junior gold mining and exploration company. The Company owns the El Limon Mine in Zaragoza, Colombia, a project that includes both near-term mining and milling operations as well as highly prospective exploration properties. The Company has acquired a fully permitted mine and facility with adjacent properties that have an abundance of small scale artisanal miners, dramatically reducing the exploration risk. It is anticipated that the operating mine will be profitable in the short term, providing a return on capital as a stand-alone entity, and funding regional exploration to expand resources.
Para is unique in that the Insiders have invested more than US$30 million of their capital and own approximately 70% of the Company's equity.
Para's new management team is seasoned and proven, having discovered, built, managed and sold several different mines over the last 40 years.
On behalf of the Board of Directors
"Javier Cordova"
Javier Cordova, President & Chief Executive Officer
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54324
