Pasinex investor Seeley increases holding to 23.56%

Feb 3, 2014

PASINEX RESOURCES LTD. – EARLY WARNING REPORT

1514341 Ontario Inc., on Dec. 11, 2013, acquired from Pasinex Resources Ltd. ownership of three million common shares of the issuer and 1.5 million warrants to acquire common shares of the issuer at a price of 10 cents per share expiring Dec. 11, 2016, pursuant to a non-brokered private placement by the issuer, representing 5.02 per cent of the issuer’s outstanding common shares and 78 per cent of the warrants. The company acquired units from the issuer consisting of a common share and one-half of a warrant at a price of 6.5 cents per unit.

Following the above transaction, the company now owns 10,658,500 common shares representing 17.82 per cent of the outstanding common shares of the issuer.

Larry Seeley owns all of the common shares of the company and members of the family of Mr. Seeley own a further 3,436,000 common shares of the issuer. An aggregate of 14,094,500 common shares representing 23.56 per cent of the outstanding common shares of the issuer are owned or controlled, directly or indirectly, by the company, Mr. Seeley and members of his family. The company also holds one million warrants to acquire common shares of the issuer at a price of 15 cents per share expiring on Dec. 21, 2014, and 1.5 million warrants. If all warrants of the issuer held by the company were exercised, the aggregate number of common shares owned or controlled, directly or indirectly, by the company, Mr. Seeley and members of his family would be 16,594,500 common shares, representing 26.63 per cent of the common shares of the issuer that would then be outstanding.

The securities were purchased pursuant to the accredited investor exemption in Section 2.3 of National Instrument 45-106 prospectus and registration exemptions for investment purposes and the company and Mr. Seeley intend to evaluate the investment and to increase or decrease holdings as circumstances warrant.

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