Soma Announces Results of AGM and Appointment of New Director

VANCOUVER, BC, Dec. 22, 2020 /CNW/ - Soma Gold Corp. (TSXV: SOMA) (WKN: A2P4DU) (OTC: PRSRF) (formerly Para Resources Inc.) (the "Company" or "Soma") is pleased to announce that all matters submitted to the shareholders for approval as set out in the Company's Notice of Meeting and Information Circular, both dated November 17, 2020, were approved by the requisite majority of votes with 72.11% of eligible votes cast at the Company's Annual General Meeting ("AGM") held on Tuesday, December 22, 2020.

The Company is also pleased to announce the appointment of Ms. Natascha Kiernan to the Company's Board of Directors.

Ms. Kiernan is a lawyer and consultant with over 15 years of experience specializing in transactions involving mining and other natural resources. Ms. Kiernan has held senior positions with several prominent international law firms, including in the New York and London offices of Skadden, Arps, Slate, Meagher & Flom, and was listed as a "Top 40 under 40" rising legal star by the Financial News.

The Board of Directors also takes this opportunity to thank Larry Timlick, who served for over 10 years on the Board of Directors. Geoff Hampson, Soma's Executive Chairman, states, "We appreciate and thank Mr. Timlick for his efforts and dedication to Soma. His advice and counsel, while sitting on our Board, have helped steer the Company through challenging times." 

Mr. Hampson further states, "I am very pleased to have Natascha join Soma's Board and bring to the Company her diverse business experience and in-depth knowledge of the public markets, finance, mergers and acquisitions and Corporate Governance. I am also proud of the fact that Soma has been able to attract such a highly experienced individual as Natascha and to bring additional depth and diversity to the Board of Directors."

The Company also announces, subject to regulatory approval, the grant of a total of 300,000 stock options to directors and employees of the Company to purchase common shares of the Company in accordance with its Equity Incentive Plan. The options vest immediately and are issued at an exercise price of 30.5 cents per common share and expire five years from the date of issuance.

ABOUT SOMA GOLD:

Soma Gold Corp. (TSXV: SOMA) is a mining company focused on gold production and exploration. The Company owns two adjacent mining properties in Antioquia, Colombia with a combined milling capacity of 675 tpd. (permitted for 1,400 tpd.). The El Bagre mill is currently operating and producing, and the El Limon mine and mill are scheduled to begin operating in Q1 2021. Internally generated funds will be used to finance a regional exploration program.

The Company also owns an exploration and development property near Tucuma, Para State, Brazil.On behalf of the Board of Directors

"Javier Cordova Unda"
Chief Executive Officer and President

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.

All statements, analysis and other information contained in this press release about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change except as required by applicable laws. Investors should not place undue reliance on forward-looking statements.

SOURCE Soma Gold Corp.

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