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.
Investing in zinc? Zazu Metals Corporation (TSXV:ZAZ) holds a 50% interest in the Lik Project in Alaska, a joint venture with Teck Resources Limited. The PEA on Lik South estimates that 17.1Mt tonnes of ore milled at an average grade of 7.7% zinc, 2.6% lead and 47 g/t silver would come from the Lik South project.
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