Pasinex Announces Non-Brokered Private Placement and Provides Operations and Corporate Update
Executive Summary
- Pasinex Resources announced a non‑brokered private placement of 15 million units at CDN $0.10 each, targeting gross proceeds of approximately CDN $1.5 million; commitments to date total about CDN $1.1 million.
- Net proceeds will fund exploration and development at the Sarikaya project, support mining operations at Pinargozu, and provide general working capital.
- The release also provides an operational update (no lost‑time accidents, zinc sales of ~500 t with high grades) and multiple board/management appointments across its Turkish subsidiaries.
Key Details
- Financing Structure: 15,000,000 units; each unit = 1 common share + ½ warrant (exercisable at $0.15 per half‑share for 24 months).
- Price & Target: CDN $0.10 per unit; gross proceeds target ≈ CDN $1,500,000.
- Current Commitments: Approximately CDN $1,100,000 pledged to date.
- Closing Timeline: Expected on or about March 31, 2026, subject to customary conditions and regulatory approvals.
- Statutory Hold Period: Shares issued will be subject to a four‑month‑plus‑one‑day hold period.
- Finder’s Fees: Up to 7% of gross proceeds may be paid in cash or securities to eligible finders per CSE rules.
- Debt Conversion Reference: Prior conversion by principal debt holders of CDN $3,340,520 at the same $0.10 per share terms.
Operations Update
* Pinargozu Mine – February sale of ~500 t high‑grade zinc sulfide (>50% Zn) containing 113 g/t Ag and 272 ppm Ge.
Ongoing site infrastructure upgrades (ground support, safety works, office renovations).
No lost‑time accidents or reportable incidents at Pinargozu or Sarikaya during the reporting period; continued safety training.
Governance Appointments
* Pasinex Arama ve Madencilik AŞ (effective 31 Dec 2025): Chairman – Jonathan Challis; Vice Chairman – İbrahim Hakkı Bozat; General Manager – Aydin Şen; Accounting & Finance Manager – Özlem Altunal.
Horzum Maden Arama ve İşletme AŞ (effective 30 Dec 2025): Chairman – İbrahim Hakkı Bozat; Vice Chairman & GM – Aydin Şen; Board Member & Accounting & Finance Manager – Özlem Altunal.
Aydin Teknik Madencilik AŞ (effective 16 Dec 2025): Chairman – İbrahim Hakkı Bozat; Vice Chairman & GM – Aydin Şen; Board Member & Accounting & Finance Manager – Özlem Altunal.
Qualified Person * Jonathan Challis, Fellow of the Institute of Materials, Minerals and Mining and Chartered Engineer, qualified under NI 43‑101 for all technical information (excluding Gunman Project).
Notable Quotes
(No direct quotes were included in the release.)