Parallel Mining Corp. (TSXV:PAL) entered into a definitive property purchase agreement to acquire 95% stake in North Terer and Ziban Gedena property licenses from Tigray Holdings Corp. for CAD 4.5 million on February 11, 2021. Under the terms, Parallel Mining will pay CAD 0.25 million in cash and will issue common shares worth CAD 4.28 million as well as the grant of the 2% net smelter return royalty which may be reduced to 1%. As part of the transaction, Tigray will incorporate a new company under the laws of Ethiopia for the purpose of holding the Property within 90 days following the execution date of the Agreement, which will be owned 95% by Parallel Mining and 5% by Tigray. The closing of the Acquisition is subject to several conditions including completion of a National Instrument 43-101 form of technical report on the Property and stock exchange approval. As of September 22, 2021, Ministry of Mines and Petroleum in the Federal Democratic Republic of Ethiopia has granted the exploration license.