Vancouver, British Columbia – Parallel Mining Corp. (TSX-V: PAL) (the “Company” or “Parallel”) announces that it has entered into a loan agreement with R Stuart Angus (the “Lender”), a non- arm’s length party, for the principal amount of $50,000 (the “Loan”). The Loan has a maturity date of April 24, 2020 and bears interest at a rate of 10% per annum. Use of proceeds from the Loan is for general working capital purposes.
As additional consideration for the Loan, the Company has agreed to issue to the Lender bonus shares of the Company equal in value to 10% of the principal amount of the Loan (the “Bonus Shares”). The issuance of the Bonus Shares is subject to TSX Venture Exchange acceptance.
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.