Pasinex Closes Over-Subscribed Non-Brokered Private Placement

Core Viewpoint - Pasinex Resources Limited has successfully closed a non-brokered private placement of common shares, raising gross proceeds of C$ 2,331,540, which will be utilized for advancing the Sarikaya project and general working capital [1][3]. Offering Details - The offering involved the issuance of 31,087,200 common shares at a price of C$ 0.075 per share [7]. Use of Proceeds - Net proceeds from the offering will be allocated to: - Installment payments to the previous owner - Underground development - Drilling and mine equipment costs - Permitting costs - General working capital - Advanced exploration activities within the Sarikaya license area [3]. Management Commentary - Dr. Larry Seeley, Executive Chairman, expressed gratitude to shareholders for their support and highlighted the company's strengthened management and board. He noted the conversion of C$ 2 million of shareholder loans into common shares, indicating confidence in the company's projects. The successful financing is expected to enhance the company's balance sheet and support development and production growth [4]. Company Overview - Pasinex Resources Limited is a zinc-focused mining company based in Toronto, Canada, owning 100% of Horzum AŞ, which operates the Pinargozu high-grade zinc mine in Türkiye. The company also holds a 51% interest in the Gunman Project in Nevada and 100% of the Sarıkaya Group IV lead-zinc operating license in Türkiye [5][6]. Insider Participation - Insiders subscribed for a total of 2,000,000 common shares, generating gross proceeds of C$ 150,000, which is classified as a related party transaction [7]. Securities and Regulations - Following the offering, the total number of common shares issued and outstanding is 204,813,876. All securities issued are subject to a statutory hold period of four months in accordance with Canadian securities laws [7].