Vancouver, British Columbia – Parallel Mining Corp. (TSX-V: PAL) (the “Company” or “Parallel”) proposes to consolidate its issued and outstanding common shares on the basis of fifteen (15) preconsolidation common shares for one (1) new post-consolidation common share (the “Consolidation”). The Company currently has 66,702,737 common shares issued and outstanding. Upon the Consolidation becoming effective, the Company will have approximately 4,446,849 common shares issued and outstanding on a non-diluted basis, prior to rounding for fractional common shares. The Company’s outstanding incentive stock options and warrants will be adjusted on the same ratio (15:1) in accordance with their respective terms, with proportionate adjustments being made to exercise prices. No name change will be undertaken in connection with the Consolidation.
The Board has concluded that the Consolidation would be in the best interests of the shareholders as it could lead to increased interest by a wider audience of potential investors and could better position the Company to obtain financing and pursue acquisition opportunities. Notwithstanding the foregoing, the Board may determine, in its sole discretion, not to implement the Consolidation after receipt of necessary regulatory approvals. Shareholders of the Company approved the Consolidation on October 30, 2019. The Consolidation is subject to the approval of the TSX Venture Exchange. The Company will issue a further news release once the effective date of the Consolidation is confirmed with the TSX Venture Exchange, which is expected to be within the next ten business days.
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.