VANCOUVER, Dec. 21, 2012 /CNW/ - Pasinex Resources Limited (CNSX: PSE) (the "Company") is pleased to announce that it has completed a private placement (the "Private Placement") of a total of 3,300,000 Units at a price of $0.10 per share for gross proceeds of $330,000.
Each Unit is comprised of one common share and one half of a share purchase warrant. Each whole warrant is exercisable into one common share at an exercise price of $0.15 per share for a period of two years from closing.
The proceeds of the Private Placement will be used by the Company for continued exploration of its mineral properties located in Turkey and for working capital.
In connection with the completion of the Private Placement, the Company has paid finder's fees of $9,160.00 cash 9,160 finder's warrants. Each finder's warrant is exercisable into one common share of the Company at a price of $0.15 per share for a period of two years from the date of closing of the Private Placement.
Securities issued pursuant to the Private Placement are subject to a four-month hold period expiring April 22, 2014.
Pasinex Resources Limited (CNSX: PSE) is a base and precious metal-focused exploration company with a particular priority given to building a strong portfolio of base metal 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. Forward-looking statements in this release include statements that the proceeds of the private placement will be used to make and explore a significant acquisition when a suitable one becomes available.
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.
For further information:
please contact Steven Williams at 705 292 8116