TORONTO, ON / ACCESSWIRE / December 22, 2015 / 1514341 Ontario Inc. (the "Company") announces that the Company proposes to participate in a non-brokered private placement of Units of Pasinex Resources Ltd. (the "Issuer"). The Company plans to acquire 8,027,315 units from the Issuer consisting of a common share and one half of a Warrant at a price of $0.05 per unit.
Following the above transaction, the Company would then own directly and indirectly 21,015,815 common shares representing 23.2% of the outstanding common shares of the Issuer on a partially diluted basis.
Larry Seeley owns all of the common shares of the Company and members of the family of Larry Seeley own a further 3,948,718 common shares of the Issuer. Currently an aggregate of 24,964,533 common shares representing 27.5% of the outstanding common shares of the Issuer are owned or controlled, directly or indirectly, by the Company, Larry Seeley and members of his family.
At closing Mr. Seeley will hold, directly and indirectly at total of 6,313,657 warrants and options to acquire additional common shares of the Issuer. If all of these warrants of the Issuer were exercised, including 4,013,657 of this proposed purchase, the aggregate number of common shares owned or controlled, directly or indirectly, by the Company, Larry Seeley and members of his family would be 31,278,190 common shares, representing 32.2% of the common shares of the Issuer that would then be outstanding.
The securities were purchased pursuant to the accredited investor exemption in section 2.3 of National Instrument 45-106 Prospectus and Registration Exemptions for investment purposes and the Company and Larry Seeley intend to evaluate the investment and to increase or decrease holdings as circumstances warrant.
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