Parallel Mining Announces Change to Acquisition Terms
Vancouver, BC, April 29, 2016 – Parallel Mining Corp. (the “Company”) (TSX‑V: PAL) has amended the previously announced agreement to acquire 0909189 B.C. Ltd. (“0909189”) and its property option rights in Burkina Faso (see the Company’s new release dated April 28, 2015). As amended, the Company will issue 7,590,000 common shares in exchange for all of the issued and outstanding shares of 0909189 on a one-for-one basis. All other elements of the agreement remain the same.
The primary asset held by 0909189 is an option to earn a 100% interest in the 165.74 km2 Garsay mineral exploration permit in a highly prospective greenstone gold belt located in Burkina Faso, West Africa. The permit is located in the province of Soum, approximately 250 kilometers north-east of the capital city of Ouagadougou and approximately 30 kilometers east of the Inata Gold Mine and Souma deposit owned by Avocet Mining PLC. (135,000 oz/ year gold production and 6.1 million ounces of gold).
This transaction remains subject to TSX Venture Exchange approval and the Company having completed its due diligence on 0909189 and resolving all matters arising therefrom to the Company’s satisfaction.
For further information please contact:
John Anderson
President & Chief Executive Officer
T: +1-604-218-7400
E: janderson@parallelmining.com
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.