Pasinex Resources Ltd. Closes a Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - August 19, 2014) - Pasinex Resources Ltd. (CSE: PSE) (FSE: PNX) (the "Company" or "Pasinex") is pleased to announce the closing of a non-brokered private placement (the "Private Placement") of 5,210,538 units (the "Units") at a subscription price of $0.13 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 (the "Warrant"). Each whole Warrant will be exercisable into one additional common share (the "Warrant Share") of the Company at $0.20 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.
Finder's fees are payable in connection with this placement of $17,160 cash and 132,000 share purchase warrants. Each of the finder's warrants are exercisable into a common share of the Company at $0.20 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 ongoing exploration activity on the Pinargozu zinc-lead project in Adana Province, Turkey. Pinargozu is 50% owned by Pasinex's partner in Adana, Akmetal Madencilik San ve Tic A.Ş.
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 Joint Venture, Horzum Zinc-Lead Project with Akmetal Group in Adana, Turkey and the Golcuk Copper-Silver Project located in Sivas, 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 CNSX 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, including the on-going exploration activity, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. 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.
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