Pasinex Resources Completes Shares for Debt Settlement

Pasinex Resources Limited has announced the completion of a shares for debt settlement, issuing 33,405,205 common shares to its creditors. This settlement addresses an outstanding debt of C$3,340,520 owed to several entities, including 1514341 Ontario Inc. and Golden Summit FZ LLC. The shares were issued at $0.10 per share, in line with Canadian Securities Exchange policies.

The transaction aims to enhance Pasinex's financial standing by decreasing liabilities. The shares will be subject to a four-month hold under Canadian securities regulations. Additionally, certain creditors have an option to convert remaining debt into shares over the next 36 months at the same price.

This settlement involves related party transactions, exempt from certain regulatory requirements due to its valuation compared to the company's market capitalization. Pasinex did not issue a material change report, citing the urgency to improve its financial situation.