Brief: Para signs letter of intent to acquire 80% of Nicaraguan milling operation

Soma Gold

18/01/2017 11:00

Jan 18 (Reuters) - Para Resources Inc  PBR.V  
    * Para signs letter of intent to acquire 80% of Nicaraguan 
milling operation 
    * Para Resources Inc says  has entered into a non-binding 
letter of intent to acquire an 80% interest in Nicaragua Milling 
Company Ltd 
    * Deal shall consist of 40 million common shares in capital 
of para at a deemed price of C$0.20 per share 
    * Para Resources says consideration payable to vendors for 
NML shares to consist of 40 million common shares in capital of 
co at deemed price of C$0.20per share 
    * Deal shall also consist of 4 million share purchase 
warrants of Para 
    * Para Resources Inc says each warrant will be exercisable 
to acquire one common share of Para at a price of C$0.30 for 
three years from date of issue 
    * Para Resources says following transaction, and subject to 
TSXV approval, Sergio Rios, one of the owners of NML, will be 
appointed a director of Para 
 
Source text for Eikon:  urn:newsml:reuters.com:*:nMKWkYds7a 
Further company coverage:  PBR.V  
 
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