VANCOUVER, Nov. 19, 2012 /CNW/ - Pasinex Resources Limited, (CNSX: PSE) (the "Company") announces that the Company intends to issue up to 5,000,000 units at a price of $0.10 per unit for aggregate gross proceeds of up to $500,000 (the "Financing").
Each unit will be comprised of one common share of Pasinex and one half of one non-transferable common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant shall entitle the holder thereof to acquire one common share of Pasinex at a price of $0.15 per share for a period of twenty-four (24) months following closing of the Transaction.
Although the Financing will be non-brokered, the Company may pay finder's fees to certain finders in accordance with the rules and policies of the Exchange.
The common shares issued or issuable pursuant to the Financing 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 from this private placement will be used for general working capital and continued exploration activity in Turkey.
Management would like to remind shareholders that the Annual General and Special Meeting will be held in the Vancouver offices on Friday November 30, 2012.
Pasinex Resources Limited (CNSX: PSE) is a base and precious metal-focused exploration company with a particular focus on opportunities in Turkey. The Company has a strong technical management team with many years of experience in mineral exploration and mining project development.
On Behalf of the Board of Directors
PASINEX RESOURCES LIMITED
The CNSX does not accept responsibility for the adequacy or accuracy of this news release.
Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements.
Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Factors that could cause actual results to differ materially may include: misinterpretation of data; that we may not be able to get equipment or labour as we need it; that we may not be able to raise sufficient funds to complete our intended exploration and development; that our applications to drill may be denied; that weather, logistical problems or hazards may prevent us from exploration; that equipment may not work as well as expected; that analysis of data may not be possible accurately and at depth; that results which we or others have found in any particular location are not necessarily indicative of larger areas of our property; that we may not complete environmental programs in a timely manner or at all; market prices may not justify commercial production costs; and that despite encouraging data there may be no commercially exploitable mineralization on our properties. Readers should refer to the risk disclosures outlined in the Company's Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.
SOURCE: Pasinex Resources Ltd.