Pasinex investor Seeley to acquire one million shares

Dec 13, 2014

1514341 ONTARIO INC. ANNOUNCES THAT THEY INTEND TO ACQUIRE FROM PASINEX COMMON SHARES AND WARRANTS

1514341 Ontario Inc. intends to acquire from Pasinex Resources Ltd. ownership of one million common shares at 11 cents per share of the issuer and 500,000 warrants to acquire common shares of the issuer at a price of 18 cents per share expiring two years from closing, pursuant to a non-brokered private placement by the issuer.

Following the above transaction, the company will own 12,358,500 common shares, representing 15.88 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 3,948,718 common shares of the issuer and 100,000 warrants to purchase common shares at 20 cents expiring on April 22, 2017. An aggregate of 16,307,218 common shares, representing 20.95 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 500,000 warrants to acquire common shares of the issuer at a price of 15 cents per share expiring on Dec. 21, 2014, 468,750 warrants exercisable at 16 cents per share expiring July 2, 2015, 1.5 million warrants exercisable at 10 cents per share expiring Dec. 11, 2016, 100,000 warrants exercisable at 20 cents per share expiring April 22, 2017, and will acquire another 500,000 warrants exercisable at 18 cents per share expiring two years from closing of the private placement. 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 19,475,968 common shares, representing 24.04 per cent of the common shares of the issuer that would then be outstanding.

The securities will be purchased pursuant to the accredited investor exemption in Section 2.3 of National Instrument 45-106 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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