Vancouver, BC, March 6, 2017 – Parallel Mining Corp. (the “Company”) (TSX‑V: PAL) is pleased to announce that the Company has completed the final tranche of the previously announced non-brokered private placement (see news releases dated February 9, 2017 and February 27, 2017) issuing an additional 2,500,000 of units at a price of $0.10 per unit for additional gross proceeds of $250,000 for a total of $1,552,500 proceeds raised in the private placement. Each unit consists of one common share and one-half of one common share purchase warrant, each full warrant entitling the holder to acquire one additional common share of the Company at a price of $0.20 per common share for a period of 24 months from the date of closing.
The Company paid 8% finder’s fees on the gross amount raised in both the first and final tranche private placements to Canaccord Genuity Corp., Haywood Securities Inc., PI Financial Corp. and Mackie Research Capital Corporation.
The net proceeds will be used for general working capital. All securities issued pursuant to the private placement will be subject to a statutory four-month hold period.
The securities offered pursuant to the private placement have not been, and will not be, registered under the United States Securities Act of 1933, as amended or any U.S. state securities laws and may not be offered or sold in the United States or to United States persons absent registration or any applicable exemption from the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
For further information please contact:
Parallel Mining Corp.
President & Chief Executive Officer
NOT FOR DISTRIBUTION TO THE UNITED STATES OR FOR DISSEMINATION IN THE UNITED STATES
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