Para Resources Inc.

03:16 PM EST - Para Resources Inc. : Has closed its non-brokered private placement for total gross proceeds of $1,557,160. The Private Placement consisted of 7,785,800 units at a price of $0.20 per unit. Each Unit is comprised of one common share of the Company and one-half common share purchase warrant. Each Warrant entitles the holder to acquire one common share of the Company for a period of 18 months at a price of $0.30, subject to an accelerated expiry if the closing trading price of the Company's shares is greater than $0.40 for a period of 10 consecutive trading days. Para Resources Inc. shares V.PBR are trading up $0.015 at $0.20.