Pasinex Completes Shares for Debt Settlement
Vancouver, British Columbia--(Newsfile Corp. - May 30, 2014) - Pasinex Resources Ltd. (CSE: PSE) (FSE: PNX) (the "Company" or "Pasinex") announces that it has entered into a debt settlement agreement dated May 30, 2014 (the "Debt Settlement Agreement") with Zimtu Capital Corp. ("Zimtu") a company that provides management and administrative services, pursuant to which the Company settled $287,771.85 of debt owed to Zimtu by the issuance of 2,877,718 common shares of the Company. The Company determined it was best to satisfy its outstanding debt by the issuance of shares so to preserve its cash for operations.
Zimtu currently owns 8,742,642 common shares or 13% of Pasinex shares.
The Company is relying on exemptions from the prospectus requirements found in section 2.14 of National Instrument 45-106 and applicable securities laws to issue the shares to Zimtu. The common shares issued to Zimtu will be subject to a four month hold period.
About Pasinex
Pasinex Resources Ltd. (CSE: PSE) (FSE: PNX) is a base and precious metal focused exploration company with priority given to building a strong portfolio of base metal exploration opportunities in Turkey. Pasinex’s key projects are the Golcuk Copper-Silver Project located in Sivas, Turkey, and the Joint Venture, Horzum Zinc-Lead Project with Akmetal Group in Adana, Turkey. The company is led by an experienced team with many years of experience in both in the mining and mineral exploration industries around the world.
On Behalf of the Board of Directors
Pasinex Resources Ltd.
"Steve Williams"
Steve Williams
President/CEO
Phone: 705 292 8116
Email: info@pasinex.com
The CSE does not accept responsibility for the adequacy or accuracy of this news release.
This news release includes forward-looking statements that are subject to risks and uncertainties. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements.
All statements within, other than statements of historical fact, are to be considered forward looking. Although Pasinex Resources Ltd. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, exploration results, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements.