Parkside Resources Closes Secondary Offering

/NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./

VANCOUVER, Oct. 30, 2012 /CNW/ - Parkside Resources Corporation (TSXV: PKS) (the "Company") is pleased to announce the closing of the Secondary Offering (as defined below) as previously announced in their news releases dated August 9, 2012 and August 17, 2012 and as described in its Amended and Restated Listing Application dated July 31, 2012.

The Company has issued 2,417,000 flow-through common share units ("Flow-Through Units") at $0.12 per unit for gross proceeds of $290,040 (the "Secondary Offering").  Each Flow-Through Unit consists of one flow-through common share (the "Flow-Through Shares") and one common share purchase warrant (the "Warrants"). Each Warrant entitles the holder thereof to acquire one common share in the capital of the Company at a price of $0.20 per common share until April 29, 2015. The Warrants will not be listed for trading.

In connection with the Secondary Offering, Macquarie Private Wealth Inc. received a cash fee of $29,004 and was issued 241,700 agent's options (the "Agent's Options"). Each Agent's Option is exercisable to purchase one common share at a price of $0.10 until April 29, 2015.

All securities issued under or in connection with the Secondary Offering are subject to a hold period that expires on March 1, 2013.  The Secondary Offering is subject to the final acceptance of the TSX Venture Exchange.

Proceeds from the issue of the Flow-Through Shares held within the Flow-Through Units will be used primarily to fund a portion of a planned 1,500m drill program, scheduled to commence in the winter of 2013.

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.

SOURCE: Parkside Resources Corporation

Richard Goldman, CFO
Tel: [phone]: Fax: [phone]
Email: [email protected]
Website:  www.parksideresources.com