Vancouver, British Columbia – Parallel Mining Corp. (TSX-V: PAL) (the “Company” or “Parallel”) is pleased to announce it has closed its previously announced non-brokered private placement. The Company issued an aggregate of 7,700,000 common shares of the Company at a price of $0.10 per share for gross proceeds of $770,000 (the “Offering”).
In connection with the closing of the financing, the Company paid aggregate finder’s fees of $24,000 in cash. The Company intends to use the proceeds of the Offering for general working capital. The securities issued pursuant to the first tranche of the private placement are subject to a statutory four month hold period expiring on June 8, 2020, in accordance with applicable securities laws.
The Offering is subject to acceptance by the TSX Venture Exchange.
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.