By Laura Lutz
Washington, Feb. 5 - Geologix Explorations Inc. said it is arranging a private placement of units for up to C$3 million.
The placement is expected to include up to 4 million units of one share and one half-share non-transferable warrant at C$0.75 per unit. Each whole warrant will be exercisable at C$1.10 for 18 months.
Expiry of the warrants may be accelerated to 10 business days if the average closing price of the company's shares is at least C$1.50 for 10 consecutive business days.
Settlement of the non-brokered deal is expected by the end of February.
Proceeds will be used for working capital and exploration.
Geologix is a Vancouver, B.C.-based mineral exploration company.
| Issuer: | Geologix Explorations Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$3 million
|
| Units: | 4 million
|
| Price: | C$0.75
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$1.10
|
| Placement agent: | Non-brokered
|
| Pricing date: | Feb. 5
|
| Stock symbol: | TSX Venture: GIX
|
| Stock price: | C$0.76 at close Feb. 2
|
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