Vancouver, British Columbia – Parallel Mining Corp. (TSX-V: PAL) (the “Company” or “Parallel”) announces that the TSX Venture Exchange has approved the previously announced consolidation of the outstanding share capital of the Company on the basis of fifteen (15) pre-consolidation common shares for one (1) new post-consolidation common share. The consolidation will be effective at the open of the market on November 26, 2019. The Company’s name and trading symbol will remain unchanged.
After the consolidation, the Company’s currently issued and outstanding common shares will be reduced to approximately 4,446,848 common shares after rounding adjustments. No fractional common shares will be issued as a result of the consolidation. All fractional shares equal or greater to one-half resulting from the consolidation will be rounded up to the next whole number. Otherwise, the fractional share will be cancelled.
Registered shareholders will receive a letter of transmittal from the Company’s transfer agent, Computershare Investor Services Inc., providing instructions on how to exchange their share certificates representing pre-consolidation common shares for new share certificates or Direct Registration System (DRS) advice statements representing post-consolidation common shares to which they are entitled as a result of the consolidation. No action is required by non-registered shareholders (shareholders who hold their common shares through an intermediary) to effect the consolidation.
For further information, please contact:
Parallel Mining Corp.
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.
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.