CALGARY, Aug. 2, 2018 /CNW/ - Paramount Resources
Ltd. ("Paramount") announces that it acquired today ownership and
control of 41,390,909 common shares ("CPRI Shares") of Claim Post
Resources Inc. ("CPRI") (TSX-V: CPS) at a price of $0.10 per share in connection with a private
placement by CPRI over the facilities of the TSX Venture Exchange
of 130,000,000 common shares of CPRI for gross proceeds of
$13 million. Paramount owns and
controls approximately 13.1% of the outstanding CPRI Shares
following the placement and did not own or control any CPRI Shares
before the placement. In connection with CPRI's private placement,
Rodrigo Sousa, an officer of
Paramount, was appointed to CPRI's board of directors.
Paramount acquired the CPRI Shares solely for investment
purposes and may in the future increase or decrease its security
holdings in CPRI depending on market conditions or other relevant
factors.
CPRI is a Canadian silica resource development and production
company and a reporting issuer in Ontario, Alberta and British
Columbia, and its shares trade on the TSX Venture Exchange
under the symbol "CPS". It is currently developing a Tier 1 frac
sand deposit in Seymourville,
Manitoba. CPRI's head office is in Toronto, Ontario.
This news release is being issued pursuant to securities
legislation in each province of Canada and will be filed on the System for
Electronic Document Analysis and Retrieval with the report required
under National Instrument 62-103 under CPRI's profile.
ABOUT PARAMOUNT
Paramount is an independent, publicly traded, liquids-focused
Canadian energy company that explores for and develops both
conventional and unconventional petroleum and natural gas
resources, including long-term strategic exploration and
pre-development projects, and holds a portfolio of investments in
other entities. Paramount's principal properties are located in
Alberta and British Columbia. Paramount's Class A common
shares are listed on the Toronto Stock Exchange under the symbol
"POU".
SOURCE Paramount Resources Ltd.