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Pasinex Announces Closing of Shares for Debt Settlement

TORONTO, July 10, 2025 (GLOBE NEWSWIRE) -- Pasinex Resources Limited (CSE:PSE) (FSE: PNX) ("Pasinex" or the "Company") today announced that it has issued 28,766,306 common shares to certain of its creditors (the "Settlement Shares") in exchange for outstanding debt (the "Shares for Debt Transaction") in the aggregate amount of C$2,157,473 (the "Debt") owing to 1514341 Ontario Inc. ("151 Ontario"), Seeley Holdings Ltd., Joachim Rainer ("Rainer"), other vendors and directors. The Settlement Shares are being issued at a price of $0.075, in accordance with the policies of the Canadian Securities Exchange (the "CSE").

The Company is carrying out the Shares for Debt Transaction to improve its financial position by reducing its existing liabilities. All Settlement Shares will be subject to a four-month hold period from the closing date of the Shares for Debt Transaction under applicable Canadian securities laws in addition to any other restrictions that may apply in jurisdictions outside of Canada.

The issuance of Settlement Shares to 151 Ontario and Rainer pursuant to the Shares for Debt Transaction constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions ("MI 61-101") as 151 Ontario is controlled by Larry Seeley, Chairman of the Company and Joachim Rainer is a Director of the Company. The Company ...