Vancouver, British Columbia – Parallel Mining Corp. (TSX-V: PAL) (the “Company” or “Parallel”) is pleased to announce it is proceeding with a private placement of up to 7,619,047 common shares of the Company at a price of $0.105 per share for gross proceeds of up to $800,000 (the “Offering”).
The net proceeds from the Offering will be used for general working capital purposes. In connection with the Offering, the Company may pay a finder’s fee in cash to eligible finders equal to 8% of the gross proceeds received by the Company from purchasers who were introduced to the Company by such finder.
The Offering is subject to the approval of the TSX Venture Exchange. All securities issued pursuant to the Offering are subject to a statutory four month hold period.
The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.
For further information, please contact:
Parallel Mining Corp.
President & Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain statements that may be deemed “forward-looking statements.” All statements in this release, other than statements of historical facts, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. This news release contains historical technical information. The Company believes the technical information to be relevant and reliable, and there are no more recent estimates or data available to the Company. While the Qualified Person has reviewed the data included in this news release, a 43-101 compliant technical report has not been completed on the Mane property and the quality assurance/quality control process of the historical data could not be verified by the Qualified Person.