Vancouver, BC, February 16, 2016 – Parallel Mining Corp. (TSX-V: PAL) (the “Company”) is pleased to announce that the Company has completed a non-brokered private placement of a total of 1,800,000 units at price of $0.05 per unit, raising gross proceeds of $90,000. Each unit consists of one common share and one transferable common share purchase warrant, each warrant entitling the holder to acquire one additional common share of the Company at a price of $0.15 per common share in the first year, $0.20 per common share in the second year and $0.25 per common share in the third year.
The Company paid finder’s fees of 8% cash and 8% finder’s warrants on the gross proceeds raised by Canaccord Genuity Corp. and 9% cash on the gross proceeds raised by PI Financial Corp.
The net proceeds will be used for general working capital. All securities issued pursuant to the Private Placement will be subject to a four-month hold period.
These securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and may not be offered or sold in the United States or to, or for the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.
The Company continues to work towards the closing of the previously announced acquisition of 0909189 B.C. Ltd. and its property option rights in Burkina Faso (see the Company’s new release dated April 28, 2015). Due to market conditions, the two parties have agreed to extend the drop dead date of the agreement until June 30, 2016.
For further information please contact:
Parallel Mining Corp.
President & Chief Executive Officer
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