Mr. John Anderson reports
PARALLEL MINING ANNOUNCES CLOSING OF FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT
Parallel Mining Corp. has completed a first tranche closing of a non-brokered private placement of 2,751,000 units at a price of five cents per unit for gross proceeds of $137,550. Each unit consists of one common share and one non-transferrable common share purchase warrant, with 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 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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