2018-10-12 18:55 ET – News Release
Mr. John Anderson reports
PARALLEL MINING ANNOUNCES CLOSING OF FINAL TRANCHE OF NON-BROKERED PRIVATE PLACEMENT
Parallel Mining Corp. has completed the final tranche closing of a non-brokered private placement of 9,895,216 units at a price of five cents per unit for gross proceeds of $494,761. Each unit consists of one common share and one non-transferable common share purchase warrant, each warrant entitling the holder to acquire one additional common share of the company at a price of five cents per common share for a period of five years from the date of closing.
The company paid finders’ fees of 8 per cent in warrants to Canaccord Genuity Corp. The net proceeds will be used for geological exploration and general working capital. All securities issued pursuant to the private placement will be subject to a statutory four-month hold period.
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