Vancouver, British Columbia – Parallel Mining Corp. (TSX-V: PAL) (the “Company” or “Parallel”) is pleased to announce it has closed its previously announced non-brokered private placement. The Company issued an aggregate of 7,618,238 common shares of the Company at a price of $0.105 per share for gross proceeds of $799,915 (the “Private Placement”).
The net proceeds from the Offering will be used for general working capital purposes.
In connection with the Private Placement, the Company agreed to pay aggregate cash finder’s fees of $9,382.80 to eligible finders. All securities issued pursuant to the Private Placement are subject to a statutory four month hold period ending on October 10, 2020, in accordance with applicable securities laws.
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.