1514341 Ontario Inc.

May 25, 2016 09:00 ET

1514341 Ontario Inc. Announces That the Company Proposes to Participate in a Non-Brokered Private Placement of Units of Pasinex

TORONTO, ONTARIO--(Marketwired - May 25, 2016) - 1514341 Ontario Inc. (the "Company") announces that the Company proposes to participate in a non-brokered private placement of Units of Pasinex Resources Limited (the "Issuer"). The Company plans to acquire 1,000,000 units from the Issuer consisting of 1,000,000 common shares at a price of $0.05 per share and 1,000,000 warrants ("Warrants") to acquire common shares of the Issuer at a price of $0.07 per share expiring 1 year from closing, pursuant to the non-brokered private placement by the Issuer.

Following the above transaction, the Company would then own 22,015,815 common shares representing 20.40% 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 23.14% 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.

Mr. Seeley holds, directly and indirectly a total of 6,213,657 warrants and 100,000 Options to acquire additional common shares of the Issuer. If all of these warrants and options of the Issuer, including 1,000,000 of this proposed purchase were exercised, the aggregate number of common shares owned or controlled, directly or indirectly, by the Company, Larry Seeley and members of his family would be 33,278,191 common shares, representing 30.84% 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.

Contact Information

  • 1514341 Ontario Inc.
    Larry Seeley
    President
    705 652 1457