Pasinex Resources Limited Successfully Concludes Capital Raise
TORONTO — Pasinex Resources Limited (CSE: PSE; FSE: PNX) has recently finalized its much-anticipated non-brokered private placement, generating gross proceeds of C$2,331,540. This exciting development highlights the confidence investors have in the company's strategic vision and operational goals.
Details of the Private Placement
This non-brokered private placement saw the issuance of 31,087,200 common shares, priced at C$0.075 each. Such an influx of capital positions Pasinex for numerous growth opportunities.
Share Capital
After the completion of the private placement, the total number of common shares issued and outstanding has reached 204,813,876. With this solid foundation, the company is poised for further developments in its projects.
Finders Fees and Insider Participation
As part of this offering, the company disbursed C$15,750 in cash as finders fees and issued an additional 406,000 shares. Insiders have shown robust support, subscribing for a total of 2,000,000 shares, raising C$150,000. This participation reinforces the alignment of interest between the company and its key stakeholders, aligning their financial outcomes.
Utilizing the Proceeds Wisely
The capital raised will primarily be allocated towards propelling the Sarikaya project forward. This includes crucial payments to the previous owner, underground development efforts, drilling, the purchase of mining equipment, and permitting expenses. Furthermore, these funds will also contribute to advanced exploration activities within the Sarikaya license area, enhancing the company's growth outlook.
Management Insights
Dr. Larry Seeley, the Executive Chairman of Pasinex, expressed gratitude towards shareholders from various regions for their strong backing. His commitment to the company is unwavering, as he highlighted recent changes that have strengthened the board and management team. By simplifying operations in Türkiye, the company is focused on delivering measurable results. With insider participation reflecting deep confidence in Pasinex, there is a clear trajectory towards success.
Control and Flexibility
With agreements solidifying complete ownership of Horzum and favorable payment conditions associated with Sar?kaya, Pasinex benefits from enhanced control over its operations. This strategic positioning, coupled with the efficient operation model at Pinargözü, supports a promising future.
About Pasinex Resources Limited
Pasinex Resources Limited stands as a dedicated player in the zinc mining sector, operating out of Toronto, Canada. The company focuses on high-grade minerals through its subsidiary Pasinex Arama ve Madencilik A.?., which controls the producing Pinargozu high-grade zinc mine in Türkiye. This mine supplies zinc directly to smelters and refiners, ensuring a steady revenue stream.
Additionally, Pasinex has a 51% stake in the Gunman Project, a high-grade zinc exploration initiative located in Nevada. Their ownership of the Sar?kaya Group IV lead-zinc operating license in Kayseri Province presents significant potential for lucrative discoveries in the near future.
Steering Towards a Sustainable Future
Led by a seasoned team equipped with extensive knowledge in mineral exploration and mining development, Pasinex is committed to unearthing high-grade ore while creating value for stakeholders and the surrounding communities. They emphasize maintaining exceptional standards in safety, health, and environmental practices.
Frequently Asked Questions
What was the total amount raised in the private placement?
Pasinex Resources Limited raised a total of C$2,331,540 through its recent private placement.
Who subscribed to the insider shares?
Insiders subscribed for 2,000,000 shares, contributing gross proceeds of C$150,000.
What are the intended uses for the proceeds from the offering?
The proceeds will support the Sarikaya project, covering various costs such as underground development, drilling, and general working capital.
Which projects does Pasinex Resources Limited operate?
Pasinex operates the Pinargozu high-grade zinc mine and holds interests in several projects, including the Sar?kaya and Gunman Project.
Where can I find more information about Pasinex Resources Limited?
Additional information can be found on Pasinex's official website at pasinex.com.
