Parlane Resource closes $144,320 private placement

2012-11-28 14:52 PT - News Release


Mr. Robert Eadie reports


Further to its news release of Oct. 19, 2012, Parlane Resource Corp. has closed its non-brokered private placement with the issuance of 656,000 flow-through units priced at 22 cents per unit, for gross proceeds of $144,320.

Each unit consists of one common share of the company and one-half of one share purchase warrant, with each whole warrant entitling the holder thereof to acquire an additional flow-through common share of the company for a period of one year at a price of 30 cents per share. The company may choose to accelerate the expiry date of the warrants if the company's shares on the TSX Venture Exchange close at a minimum of 30 cents for a period of 20 consecutive trading days.

A total of $7,744 in cash was paid to various finders for that portion of the financing attributable to these finders' efforts. In addition, a total of 20,000 in agents' warrants were issued to Global Securities Corp. and Macquarie Private Wealth Inc., with each agent's warrant exercisable at 22 cents for a period of 12 months from the date of closing.

All securities issued are subject to a hold period of four months in accordance with the rules and policies of the exchange, and applicable Canadian securities laws.