Pasinex raises C$2.3 million in oversubscribed private placement

Pasinex Resources Limited (CSE: PSE) closed a non-brokered private placement raising gross proceeds of C$2,331,540, according to a company statement. The offering was oversubscribed from its initial announcement in July.

The company issued 31,087,200 common shares at C$0.075 per share. Following the closing, Pasinex has 204,813,876 common shares outstanding. The company paid finders fees of C$15,750 in cash and issued 406,000 shares.

Company insiders participated in the offering, purchasing 2,000,000 shares for C$150,000. All securities issued are subject to a four-month statutory hold period under Canadian securities laws.

Net proceeds will fund advancement of the Sarikaya project, including installment payments to the previous owner, underground development, drilling, mine equipment and permitting costs. The funds will also support general working capital and exploration activities within the Sarikaya license area.

"Since the start of the year we have strengthened our board and management and kept a clear focus on simplifying our business in Türkiye and delivering tangible results," said Dr. Larry Seeley, Executive Chairman.

Pasinex operates through its subsidiary Pasinex Arama ve Madencilik A.Ş., which owns 100% of Horzum AŞ. The company operates the Pinargozu zinc mine in Turkey and holds a 51% interest in the Gunman Project in Nevada. The company also owns 100% of the Sarıkaya Group IV lead-zinc operating license in Turkey's Kayseri Province.

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