Vancouver, BC, July 21, 2016 – Parallel Mining Corp. (the “Company”) (TSX‑V: PAL) is pleased to announce that the Company has completed a non-brokered private placement of a total of 3,475,000 units at price of $0.10 per unit, raising gross proceeds of $347,500. Each unit consists of one common share and one transferable common share purchase warrant, each warrant entitling the holder to acquire one additional common share of the Company at a price of $0.15 per common share in the first year, $0.20 per common share in the second year and $0.25 per common share in the third year.
The net proceeds will be used for general working capital. All securities issued pursuant to the private placement will be subject to a 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.
NOT FOR DISTRIBUTION TO THE UNITED STATES OR FOR DISSEMINATION IN THE UNITED STATES
For further information please contact:
President & Chief Executive Officer
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.