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Pasinex Resources Announces Closing of Shares for Debt Settlement
TORONTO, July 10, 2025 (GLOBE NEWSWIRE) -- Pasinex Resources Limited (CSE: PSE) (FSE: PNX) ("Pasinex" or the "Company") today announced that it has issued 28,76
About this update from Pasinex Resources Ltd.
[{"type":"text","content":" TORONTO, July 10, 2025 (GLOBE NEWSWIRE) -- Pasinex Resources Limited (CSE: PSE) (FSE: PNX) (\"Pasinex\" or the \"Company\") today announced that it has issued 28,766,306 common shares to certain of its creditors (the “Settlement Shares”) in exchange for outstanding debt (the “Shares for Debt Transaction”) in the aggregate amount of C$2,157,473 (the “Debt”) owing to 1514341 Ontario Inc. (”151 Ontario”), Seeley Holdings Ltd., Joachim Rainer (“Rainer”), other vendors and directors. The Settlement Shares are being issued at a price of $0.075, in accordance with the policies of the Canadian Securities Exchange (the “CSE”). The Company is carrying out the Shares for Debt Transaction to improve its financial position by reducing its existing liabilities. All Settlement Shares will be subject to a four-month hold period from the closing date of the Shares for Debt Transaction under applicable Canadian securities laws in addition to any other restrictions that may apply in jurisdictions outside of Canada. The issuance of Settlement Shares to 151 Ontario and Rainer pursuant to the Shares for Debt Transaction constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) as 151 Ontario is controlled by Larry Seeley, Chairman of the Company and Joachim Rainer is a Director of the Company. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the Settlement Shares nor the Debt exceeds 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the debt settlement, which the Company deems reasonable in the circumstances as the Company wishes to improve its financial position by reducing its existing liabilities as soon as possible. About Pasinex Pasinex Resources Limited is a growing, zinc-focused mining company based in Toronto. Through its wholly-owned subsidiary Pasinex Arama ve Madencilik Anonim Sirketi (“Pasinex Arama”), the Company owns 50% of Horzum Maden Arama ve Isletme Anonim Sirketi (“Horzum AŞ” or the...