News Releases

Parallel Mining Corp. Closing of First Tranche of Private Placement

February 27, 2017

Vancouver, BC, February 27, 2017 – Parallel Mining Corp. (the “Company”) (TSX‑V: PAL) is pleased to announce that the Company has completed the first tranche of the previously announced non-brokered private placement (see news release dated Feb 9, 2017) of a total of 13,025,000 units at price of $0.10 per unit, raising gross proceeds of $1,302,500. 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 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.
John Anderson
President & Chief Executive Officer
T: +1-604-218-7400
E: janderson@parallelmining.com

NOT FOR DISTRIBUTION TO THE UNITED STATES OR FOR DISSEMINATION IN THE UNITED STATES

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.