/NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./
TORONTO, Feb. 15, 2013 /CNW/ - Parkside Resources Corporation (the "Company") announces a non-brokered private placement comprised of 4,000,000 Non-Flow-Through Units ("Unit") at a price of $0.10 per Unit; and 833,333 Flow-Through Units ("FT Unit") at a price of $0.12 per FT Unit for gross proceeds of up to $500,000 (the "Offering"). Each Unit will consist of one common share and one share purchase warrant (a "Warrant"), entitling the holder to purchase one common share at $0.20 per share at any time until the close of business on the day which is 24 months from the date of issue of the Warrant. Each FT Unit will consist of one flow-through common share and one Warrant.
The proceeds from the Flow-Through Private Placement will be used to incur exploration expenses on the Forester Lake Property, while the proceeds from the Non-Flow-Through Unit Private Placement will be used for general corporate and working capital purposes.
Closing of the Offering is anticipated to occur on or before March 29, 2013 and is subject to receipt of applicable regulatory approvals including the approval of the TSX Venture Exchange. Finder's fees may be payable in connection with the Offering, in accordance with the policies of the Exchange.
Parkside Resources Corporation also announces that Mr. Nick Tsimidis has resigned from the Board of Directors of the Company. The Company wishes to express its sincere gratitude for the services provided by Mr. Tsimidis during his tenure as a Parkside Resources director, and as Chair of the Audit Committee.
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
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