Pasinex Closes Over-Subscribed Non-Brokered Private Placement

Executive Summary

• Pasinex Resources closed a non‑brokered private placement for gross proceeds of C$ 2,331,540, issuing 31,087,200 common shares at C$ 0.075 per share.
• Net proceeds will fund the Sarikaya project (installment payments, underground development, drilling, equipment, permitting) and general working capital, plus additional exploration within the Sarikaya license area.
• Insiders participated by purchasing 2,000,000 shares for C$ 150,000; finders’ fees of C$ 15,750 were paid in cash and 406,000 shares issued.

Key Details

• Securities Issued: 31,087,200 common shares @ C$ 0.075 per share.
• Gross Proceeds: C$ 2,331,540.
• Post‑closing Share Count: 204,813,876 common shares issued and outstanding.
• Finders’ Fees: C$ 15,750 paid in cash; 406,000 additional shares issued as compensation.
• Insider Participation: Insiders subscribed for 2,000,000 shares, contributing C$ 150,000 (related‑party transaction under MI 61‑101).
• Statutory Hold Period: All securities subject to a four‑month hold period from issuance per Canadian securities law.
• Use of Proceeds:
• Advance the Sarikaya project – installment payments to previous owner, underground development, drilling, mine equipment, permitting costs.
• General working capital.
• Additional advanced exploration activities within the Sarikaya license area.
• Management Commentary (Executive Chairman Larry Seeley): Highlighted board strengthening, conversion of shareholder loans into equity at a premium, full ownership of Horzum, and confidence that the financing strengthens the balance sheet and supports development and production growth.

Notable Quotes

“The success of this oversubscribed financing strengthens our balance sheet and confirms the confidence of new and long‑time investors. We are positioned to advance development, grow production and build long term value.” – Dr. Larry Seeley, Executive Chairman, Pasinex Resources Ltd.