08:09 AM EDT, 10/24/2025 (MT Newswires) -- Pasinex Resources (PSE.CN) Friday said it closed its non brokered private placement of common shares for gross proceeds of around C$2.33 million.

The company issued around 31.08 million shares at $0.075 each.

A statement noted that insiders subscribed for an aggregate of 2 million shares for gross proceeds of $150,000.

The company will use the net proceeds to advance the Sarikaya project including installment payments to the previous owner, underground development, drilling, mine equipment and permitting costs, and for general working capital. It said it also plans advanced exploration activities within the Sarikaya license area.

"In July my family and I, together with other insiders, converted about C$2 million of shareholder loans into common shares at 7.5 cents, a premium to market, because we believe in Pasinex and its projects," said Pasinex's executive chairman Larry Seeley. "With agreements that crystallize 100 percent ownership of Horzum and favorable payment terms at Sarikaya, we have both control and flexibility."

"Pinargozu continues to deliver high grade ore with a simple, proven operating model and disciplined capital use," added Seeley. "The success of this oversubscribed financing strengthens our balance sheet and confirms the confidence of new and long-time investors. We are positioned to advance development, grow production and build long term value."