Pasinex Resources Finalizes Debt Settlement Through Share Issuance
Overview of Recent Developments at Pasinex Resources
Pasinex Resources Limited (CSE: PSE) has successfully completed a significant financial maneuver that involves the issuance of 28,766,306 common shares, aimed at settling outstanding debts amounting to C$2,157,473. This strategic decision highlights Pasinex's commitment to strengthening its financial stability and addressing its existing liabilities effectively.
Details of the Shares for Debt Transaction
The shares, referred to as "Settlement Shares", have been issued to select creditors, including 1514341 Ontario Inc. and various other stakeholders associated with the Company. The Settlement Shares were priced at $0.075 each, in compliance with Canadian Securities Exchange (CSE) guidelines. By opting for this debt settlement, Pasinex is actively reducing its financial burdens, thus improving its overall fiscal health.
Regulatory Compliance and Related Party Transactions
This transaction also qualifies as a "related party transaction", as some creditors are connected to key management personnel within the Company. Specifically, Larry Seeley, the Chairman of Pasinex, controls 151 Ontario, while Joachim Rainer serves as a Director. In accordance with Multilateral Instrument 61-101, the Company has opted for exemptions regarding valuation and minority shareholder approval since the transaction does not surpass 25% of the company's market capitalization, as defined by the regulations.
Pasinex's Strategic Direction
As part of its growth strategy, Pasinex Resources aims to explore and extract high-grade zinc, focusing on enhancing its mining operations and achieving profitability. The Company is looking to leverage its existing projects, including the notable Pinargozu mine in Türkiye, to propel its growth trajectory.
About Pasinex Resources
Based in Toronto, Pasinex Resources Limited is dedicated to the zinc mining sector, with substantial operational interests through its subsidiary, Pasinex Arama ve Madencilik Anonim Sirketi. The Company's strategic portfolio includes a 50% stake in the Horzum A? operation, which is recognized for producing high-grade zinc. The Pinargozu mine is a key asset, catering to direct sales to smelters. Furthermore, the Company holds a 51% interest in the Gunman Project, showcasing its ambition in the exploration of high-grade zinc reserves in Nevada.
Exploration and Future Prospects
Moreover, Pasinex has made significant strides in enhancing its portfolio with an option to acquire a 100% interest in the Sarikaya license, a lead-zinc operating license. This opportunity is projected to contribute immensely to the Company's profitability and production capacity in the near future.
Company Leadership and Communication
Pasinex is led by a highly experienced management team that possesses extensive expertise in mineral exploration and mine development. The focus on safety and environmental responsibility remains paramount as the Company strives to create value for its shareholders and the communities it operates within.
PASINEX RESOURCES LIMITED
On behalf of the Board of Directors,
Ian D. Atacan
Director and Chief Financial Officer
Phone: +1 416.562.3220
Email: ian.atacan@pasinex.com
Evan White
Manager of Corporate Communications
Phone: +1 416.906.3498
Email: evan.white@pasinex.com
Frequently Asked Questions
What is Pasinex Resources Limited known for?
Pasinex Resources Limited specializes in zinc-focused mining, particularly through its operations in Türkiye and Nevada.
What was the recent action taken by Pasinex regarding its debt?
The Company issued common shares to settle outstanding debts totaling C$2,157,473, thereby improving its financial position.
What are Settlement Shares?
Settlement Shares are common shares issued by Pasinex to creditors in exchange for debt relief.
Who are the key people involved with Pasinex?
Ian D. Atacan serves as the CFO, while Larry Seeley is the Chairman, involved in significant decisions affecting the Company.
What future projects does Pasinex have?
The Company is focused on expanding its exploration and production capabilities, including acquiring additional mining licenses and interests.
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