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TORONTO, Oct. 24, 2013 /CNW/ - Parkside Resources Corp. (TSX-V: PKS) (the "Company") is pleased to announce the appointment of J. David Mason, B.A.Sc, Applied Geology, M.Eng., as Interim President & CEO of the Company. "This is an important step for the Company as Parkside moves forward on its Forester Lake Gold Property in northwest Ontario and seeks to acquire additional properties" said Donald Goldman, who is stepping down as President & CEO, and who will become the Chairman of the Company and remain a Director. "David's wealth of mining and finance experience, combined with his proven track record of success in increasing shareholder value in the mining companies he has founded, makes him the ideal person to oversee the next phase of development for Parkside."
David Mason has over 35 years of international experience in mining and capital markets. Most recently he was Founder, President and CEO, of Augen Gold Corp. Augen Gold was acquired by Trelawney Mining and Exploration Inc. in August 2011, which was subsequently acquired by IAMGOLD Corporation in June 2012. Prior to Augen Gold, David founded Augen Capital, a resource investment banking firm, which also managed a flow-through fund, and Energy Fuels Inc. (TSX:EFR) a uranium-based resource company. David is a Life Member of the Society for Mining, Metallurgy & Exploration, the Canadian Institute of Mining, and the Prospectors & Developers Association of Canada.
David Mason commented "I am looking forward to working with the Board and management team of Parkside Resources. They have made great progress advancing the very promising Forester Lake Gold Property in this difficult mining environment. There are similarities between the Forester Lake Gold Property and Augen Gold's Jerome Mine Property in the Swayze Greenstone Belt near Timmins that I find encouraging. Both have large land packages with known gold mineralization and both are in close proximity to significant discoveries. The strong results from Parkside's spring 2013 drill program (See July 24, 2013 News Release) provide the catalyst to initiate a more comprehensive drill program this winter."
Parkside Resources Corporation is also pleased to announce a non-brokered private placement comprised of 10,000,000 Non-Flow-Through Units ("Unit") at a price of $0.05 per Unit; and 16,666,667 Flow-Through Units ("FT Unit") at a price of $0.06 per FT Unit for gross proceeds of up to $1,500,000 (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 $0.10 per share within 60 months from the date of issue of the Warrant. Each FT Unit will consist of one flow-through common share and one Warrant entitling the holder to purchase one common share at $0.12 per share within 60 months from the date of issue of the Warrant. Both the Unit and FT Unit Warrants are subject to an acceleration clause, whereby if the price of the common shares of Parkside closes at $0.15, or greater, for a period of 20 consecutive trading days, then Parkside shall have the right to notify the warrant holders that the warrants shall expire if they are not exercised on or before the date that is 30 days after such notice has been issued. The proceeds from the Flow-Through Private Placement will be used to fund exploration expenses for a proposed 2,500 metre winter 2014 drill program on the Forester Lake Gold Property. 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 December 6, 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.
Finally, the Company announces that it has closed the non-brokered private placement that was referenced in a June 20, 2013 News Release with a further 500,000 Non-Flow-Through Units being issued at $0.06.
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 Inc. to explore the Forester Lake Gold Property, and has earned a 60% interest in the 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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