Business
Pasinex Resources Announces Non-Brokered Private Placement; Appoints John Barry as Qualified Person
TORONTO, ONTARIO--(Marketwired - May 25, 2016) - Pasinex Resources Ltd. (CSE:PSE)(FRANKFURT:PNX) (the "Company" or "Pasinex") today announced a non-brokered pri
About this update from Pasinex Resources Ltd.
[{"type":"text","content":"TORONTO, ONTARIO--(Marketwired - May 25, 2016) - Pasinex Resources Ltd. (CSE:PSE)(FRANKFURT:PNX) (the \"Company\" or \"Pasinex\") today announced a non-brokered private placement (the \"Private Placement\") of up to 6,000,000 units (the \"Units\") at a subscription price of $0.05 per Unit to eligible subscribers for gross proceeds of approximately $300,000. Pasinex also announced the appointment of John Barry, EurGeol & P.Geo as the Qualified Person effective immediately. Each Unit consists of one common share and one share purchase warrant (the \"Warrant\"). Each whole Warrant will be exercisable into one additional common share (the \"Warrant Share\") of the Company at $0.07 per Warrant Share for a period of one year from the closing. Finder's fees or commissions may be payable by the Company in connection with this private placement. The common shares issued or issuable pursuant to the Private Placement will be restricted from trading for a four month hold period in accordance with applicable securities laws and, if required, the policies of the Exchange. The proceeds of this private placement are to bring in international expertise in carbonate replacement deposits to continue evaluation of the exploration potential of this virtually unexplored Horzum zinc trend; to clear a significant backlog of unassayed mineralized drill-core and to cover the Company's general and administrative expenses. Pasinex has appointed one of its Directors John Barry as its in-house Qualified Person. John has a MSc in Geology from the Pennsylvania State University and has worked as an economic geologist for the past 28 years. He has extensive international experience in carbonate-hosted zinc deposits. He was a founder in 2007 and then CEO and President of Rathdowney Resources Ltd. (RTH-TSX-V) until late 2013. As CEO of Rathdowney, John and his team sourced and advanced the Olza MVT-type zinc-lead project in southern Poland which is one of the largest undeveloped zinc resources in Europe. Mr. Barry is a Member of Specialist International Technical Committees on Resources. He is one of four representative members of the Institute of Geologists of Ireland (IGI) on the Pan-European Reserves and Resources Reporting Committee (PERC) which instituted and continues to manage and update the PERC Reporting Code. John is also a Member of the Technical Ad...