Abalor Minerals Inc. entered into a letter of intent to acquire Parallel Mining Corp. (TSXV:PAL) in a reverse merger transaction on January 22, 2013. Under the terms, Parallel Mining Corp.

will issue 16.2 million shares to acquire all outstanding shares of Abalor Minerals. Concurrent with the acquisition, Abalor and Parallel will complete a non-brokered private placement to raise gross proceeds in the minimum amount to meet TSX-V requirements and up to a maximum of CAD 3 million through a combination of flow-through units and non-flow through units. The transaction is subject to TSX Venture Exchange approval, shareholder approval and Abalor arranging a concurrent financing in a minimum amount of CAD 3 million.

The funds raised will be held in escrow until the completion of the acquisition.