Parallel Mining Corp. providing an update to its news release of February 11, 2021 on the company's previously announced proposed transaction to acquire a 95% interest in the North Terer and Ziban Gedena property licenses granted by the Ethiopian government, pursuant to the terms of property purchase agreement dated September 28, 2020 with Tigray Holdings Corp. (Tigray) and Tigray's wholly owned subsidiary in Ethiopia. Tigray will incorporate a new joint venture company under the laws of Ethiopia for the purpose of holding the Property, which will be owned 95% by Parallel and 5% by Tigray. The Property is located in Northern Ethiopia.