Pasinex Resources Closes Non-Brokered Private Placement
In an exciting development for Pasinex Resources Limited (CSE: PSE), the company has successfully closed its non-brokered private placement of common shares, raising C$ 2,331,540. This successful funding round highlights the continued confidence of investors in the company’s strategic direction.
Details of the Offering
The offering consisted of 31,087,200 common shares priced at C$ 0.075 each. Following this financing, Pasinex has a total of 204,813,876 common shares issued and outstanding. Notably, the company has paid finders' fees amounting to C$ 15,750 and has issued an additional 406,000 shares.
Insiders participated significantly, acquiring 2,000,000 shares for gross proceeds of C$150,000—an investment that underscores their commitment to the company’s future. This insider participation is categorized as a related party transaction as per relevant laws.
Utilization of Proceeds
The capital raised from the offering will primarily advance the Sarikaya project. This includes essential payments to the previous owner, ongoing underground development, drilling initiatives, mine equipment investments, permitting costs, and general working capital needs. Furthermore, the company plans to enhance exploration activities within the Sarikaya license area.
Leadership Insights
Dr. Larry Seeley, the Executive Chairman of Pasinex, expressed his gratitude towards shareholders in several regions, emphasizing the importance of this support. He noted the significant steps taken in improving the company’s management team and operational focus, particularly in simplifying its operations in Türkiye. Dr. Seeley also highlighted an earlier conversion of shareholder loans to shares, a move that reflects strong belief in Pasinex's potential.
Strategic Positioning
The recent financing effort not only strengthens Pasinex’s balance sheet but also affirms the trust of both new and longstanding investors. The company is now well-positioned to accelerate development, increase production, and ultimately create long-term value.
About Pasinex Resources
Pasinex Resources Limited is a Toronto-based mining company that focuses on zinc. With a wholly-owned subsidiary, Pasinex Arama ve Madencilik A.?., it operates the Pinargozu high-grade zinc mine in Türkiye. This operation supplies zinc directly to smelters and refiners through reputable commodity brokers.
Additionally, Pasinex holds a significant interest in the Gunman Project, a promising zinc exploration initiative located in Nevada. The company also operates the Sar?kaya Group IV lead-zinc license in Türkiye, which presents considerable opportunities for future profitability.
With a seasoned management team skilled in mineral exploration and mine development, Pasinex is dedicated to responsible practices that ensure the safety and sustainability of its operations while driving growth.
Contact Information
For inquiries, feel free to reach out to the Pasinex team:
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: +1 416.906.4698
Email: evan.white@pasinex.com
Frequently Asked Questions
What is the purpose of the private placement?
The private placement aims to raise funds for developments in the Sarikaya project and for general working capital.
How much did Pasinex raise from the private placement?
Pasinex raised a total of C$ 2,331,540 through the private placement.
Who participated in the insider subscription?
Insiders of the company subscribed for a total of 2,000,000 common shares, reflecting their continued support for Pasinex.
What projects will the funds support?
The funds will support the Sarikaya project, including developments, equipment acquisition, and exploration activities.
How can I contact Pasinex for more information?
You can contact Pasinex via email at the addresses provided for their CFO and Corporate Communications Manager.
