Pasinex Resources Ltd. (CSE:PSE) announced plans to raise $500,000 via a non-brokered private placement. It will consist of 3,846,153 units priced at $0.13 each, and the proceeds will be used for general and administrative expenses and exploration at the company’s Turkey-based Pinargozu zinc-lead project.
As quoted in the press release:
Each Unit will consist of one common share and one half of a share purchase warrant (the ‘Warrant’). Each whole Warrant will be exercisable into one additional common share (the ‘Warrant Share’) of the Company at $0.20 per Warrant Share for a period of three years from the closing.
Finder’s fees or commissions may be payable by the Company in connection with this private placement.
The common shares issued or issuable pursuant to the Private Placement 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.