Parallel Applies to Extend Term and Re-Price Warrants

Parallel Applies to Extend Term and Re-Price Warrants
  
 

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 21, 2014) - Parallel Mining Corp. (the Company) (TSX-VENTURE:PAL) announces that it wishes to extend the term and reduce the exercise price of previously issued Warrants to purchase a total of 5,020,000 common shares of the Company (the "Warrants"). The Warrants were originally issued on February 24, 2012, each Warrant entitling the holder to purchase one (1) common share without par value until February 24, 2014 (the "Term") at an exercise price of $0.25 per share.

Subject to receipt of acceptance from the TSX Venture Exchange, the Term of the Warrants will be extended to expire February 24, 2016, and the Warrant exercise price will be reduced from $0.25 to $0.205 per share, with the exception that only half of 954,000 Warrants that are currently held by Insiders will be re-priced, resulting in:

• 5,020,000 Warrants being extended to expire February 24, 2016; and

• 4,543,000 Warrants being repriced from $0.25 to $0.205 per share (with the balance 477,000 warrants remaining exercisable at $0.25 until February 24, 2016).

The Company will disseminate a further News Release when TSX Venture Exchange acceptance has been obtained.

ON BEHALF OF THE BOARD

Allan Fabbro, President & CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Parallel Mining Corp.Richard BarnetCFO(604) 718-2800(604) 718-2808