VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 29, 2012) - Further to its press release of February 16, 2012, Parlane Resource Corp. (TSX VENTURE:PPP) ("Parlane" or the "Company") announced today that it has closed its non-brokered private placement with the issuance of 11,000,000 Units (the "Units") priced at $0.15 per Unit, for gross proceeds of $1,650,000.
Each Unit consists of one common share of the Company and one-half of one share purchase warrant (a "Warrant") with each whole Warrant entitling the holder thereof to acquire an additional common share of the Company for a period of two years at a price of $0.25 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 $0.30 for a period of 20 consecutive trading days.
An aggregate of $102,720 in cash was paid to various finders for that portion of the financing attributable to these finders' efforts. In addition, a total of 684,800 in agents' warrants were issued to the finders, with each warrant exercisable at $0.15 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.
ON BEHALF OF THE BOARD
Robert Eadie, President, Chief Executive Officer and Director
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.