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TORONTO, Feb. 3, 2014 /CNW/ - 1514341 Ontario Inc. (the "Company") announces that on December 11, 2013 the Company acquired from Pasinex Resources Limited (CSE: PSE)(FSE:PNX) (the "Issuer") ownership of 3,000,000 common shares of the Issuer and 1,500,000 warrants ("Warrants") to acquire common shares of the Issuer at a price of $0.10 per share expiring December 11, 2016 pursuant to a non-brokered private placement by the Issuer, representing 5.02% of the Issuer's outstanding common shares and 78% of the Warrants. The Company acquired units from the Issuer consisting of a common share and one half of a Warrant at a price of $0.065 per unit.
Following the above transaction, the Company now owns 10,658,500 common shares representing 17.82% of the outstanding common shares of the Issuer.
Larry Seeley owns all of the common shares of the Company and members of the family of Larry Seeley own a further 3,436,000 common shares of the Issuer. An aggregate of 14,094,500 common shares representing 23.56% of the outstanding common shares of the Issuer are owned or controlled, directly or indirectly, by the Company, Larry Seeley and members of his family.
The Company also holds 1,000,000 warrants to acquire common shares of the Issuer at a price of $0.15 per share expiring on December 21, 2014 and 1,500,000 Warrants. If all warrants of the Issuer held by the Company were exercised, the aggregate number of common shares owned or controlled, directly or indirectly, by the Company, Larry Seeley and members of his family would be 16,594,500 common shares, representing 26.63% of the common shares of the Issuer that would then be outstanding.
The securities were purchased pursuant to the accredited investor exemption in section 2.3 of National Instrument 45-106 Prospectus and Registration Exemptions for investment purposes and the Company and Larry Seeley intend to evaluate the investment and to increase or decrease holdings as circumstances warrant.
154341 Ontario Inc.
1284 Birchview Road, R.R. #4
Lakefield, ON, L0L 2H0
Larry Seeley, President
On Behalf of the Board of Directors
PASINEX RESOURCES LTD.
The CNSX does not accept responsibility for the adequacy or accuracy of this news release.
This news release includes forward-looking statements that are subject to risks and uncertainties. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements.
All statements within, other than statements of historical fact, are to be considered forward looking. Although Pasinex Resources Ltd. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, including the ability to raise $250,000, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, exploration results, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements.
SOURCE: Pasinex Resources Ltd.
For further information: Steve Williams, President/CEO, Phone: 705 292 8116, Email: email@example.com