Pasinex closes private placement for $677,370

Aug 20, 2014

PASINEX RESOURCES LTD. CLOSES A NON-BROKERED PRIVATE PLACEMENT

Pasinex Resources Ltd. has closed a non-brokered private placement of 5,210,538 units at a subscription price of 13 cents per unit to eligible subscribers for gross proceeds of up to $677,370.

Each unit consists of one common share and one-half of a share purchase warrant. Each whole warrant will be exercisable into one additional common share of the company at 20 cents per warrant share for a period of three years from the closing.

The common shares issued or issuable pursuant to the private placement will be restricted from trading for a four-month hold period in accordance with applicable securities laws and, if required, the policies of the exchange.

Finders’ fees are payable in connection with this placement of $17,160 cash and 132,000 share purchase warrants. Each of the finders’ warrants are exercisable into a common share of the company at 20 cents per share for a period of three years from closing.

The proceeds of this private placement are for the company’s general and administrative expenses, as well as for continuing exploration activity on the Pinargozu zinc-lead project in Adana province, Turkey. Pinargozu is 50 per cent owned by Pasinex’s partner in Adana, Akmetal Madencilik San ve Tic.

http://pasinex.com/press-releases/