Parkside Resources Announces Closing of Non-Brokered Private Placement

/NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./

VANCOUVER, Dec. 31, 2012 /CNW/ - Parkside Resources Corporation (the "Company") is pleased to announce that further to its news release dated November 15, 2012, the Company has closed its non-brokered private placement (the "Offering") on the terms and conditions described below.

The Company has issued 1,027,000 flow-through common share units ("Flow-Through Units") at $0.12 per unit for gross proceeds of $123,240.  Each Flow-Through Unit consists of one flow-through common share (the "Flow-Through Shares") and one common share purchase warrant (the "Warrants"). The Company has also issued 205,000 units ("Units") at $0.10 per unit for gross proceeds of $20,500.  Each Unit consists of one common share (the "Shares") and Warrant.  Each Warrant entitles the holder thereof to acquire one common share in the capital of the Company at a price of $0.20 per common share until June 30, 2015. The Warrants will not be listed for trading.

In connection with the Offering, Macquarie Private Wealth Inc. received a cash finder's fee of $3,804 and was issued 31,700 finder's warrants and Accilent Capital Management Inc. received a cash finder's fee of $5,250 and was issued 43,750 finder's warrants (collectively, the "Finder's Warrants"). Each Finder's Warrant is exercisable to purchase one common share at a price of $0.13 until June 30, 2015.

All securities issued under or in connection with the Offering are subject to a hold period that expires on May 1, 2013.  The Offering is subject to the final acceptance of the TSX Venture Exchange.

The Company intends to use the gross proceeds from the sale of the Units and Flow-Through Units to fund a portion of a 1,500m winter 2013 drill program on the Company's Forester Lake Property and for general working capital purposes.

About Parkside Resources Corporation

Parkside Resources Corporation is a Canadian based mineral exploration company dedicated to building shareholder value through focused exploration, discovery and development of high quality precious and base metal projects. The Company has entered into an Option and Joint Venture Agreement with Benton Resources Corporation to explore the Forester Lake Gold Property which is located approximately 100km north of Pickle Lake, Ontario and roughly 35km southeast of Goldcorp's Musselwhite Gold Mine. Incorporated in 2005 Parkside Resources Corporation is a reporting issuer in the provinces of British Columbia and Alberta, the common shares of which are listed for trading on the TSX Venture Exchange under the symbol TSX-V: PKS.

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.

Forward Looking and other Cautionary Information
This release includes certain statements that may be deemed "forward‐looking statements". All statements in this release, other than statements of historical facts that address exploration drilling, exploitation activities and other related events or developments are forward‐looking statements. Although the Company believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward looking statements. Factors that could cause actual results to differ materially from those in forward‐looking statements include market prices, exploration and exploitation successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward‐looking statements.


SOURCE: Parkside Resources Corporation

For further information:

Richard Goldman, CFO
Tel: 416-862-1500: Fax: 416-862-1501
Email: rgoldman@parksideresources.com
Website:  www.parksideresources.com