Business
Pasinex Resources Closes Over-Subscribed Non-Brokered Private Placement
TORONTO, ONTARIO--(Marketwired - June 6, 2016) - NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Pasinex Resou
About this update from Pasinex Resources Ltd.
[{"type":"text","content":" TORONTO, ONTARIO--(Marketwired - June 6, 2016) - NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Pasinex Resources Limited (CSE:PSE)(FRANKFURT:PNX) (the \"Company\" or \"Pasinex\") today announced it has closed a non-brokered private placement of 12,000,000 units at a price of $0.05 per unit for gross proceeds of $600,000; twice that which was anticipated. Each unit consists of one common share and one share purchase warrant exercisable at $0.07 for a period of one year from closing. The securities issued pursuant to the private placement are subject to a four month and one day regulatory hold period. Finder's fees were paid as part of this private placement. 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. \"We are delighted to see such strong support for this placement. We appreciate the ongoing support of our board of directors and existing shareholders. I am pleased to welcome some new shareholders from both Europe and Canada. The future looks bright and we look forward to communicating further progress in 2016,\" commented Steve Williams, Pasinex President and CEO. The participation in the Offering by a director of the Company and a company wholly-owned by a director, constitutes a \"related party transaction\" as such terms is defined by Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"), requiring the Company, in the absence of exemptions, to obtain a formal valuation for, and minority shareholder approval. The Company is relying on exemptions from the formal valuation and minority approval requirements of MI 61-101 on the basis that at the time the transaction is agreed to, neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves interested parties, exceeded 25% of the Company's market capitalization. The related parties acquired a total of 1,700,000 Units at $0.05 per unit for aggregate gross proceeds of $85,000. The partici...