Deal’s proceeds used to advance Tepal Project, for corporate purposes
By Devika Patel
Knoxville, Tenn., July 25 – Geologix Explorations Inc. said it completed a C$1.11 million private placement of units. The deal priced on June 20.
The company sold 17 million units of one common share and one half-share warrant at C$0.065 per unit.
Each whole warrant is exercisable at C$0.10 for three years. The warrant strike price represents a 36.36% premium to the July 22 closing share price of C$0.10.
Proceeds will be used to advance the Tepal Gold-Copper Project and for general corporate purposes.
The company paid 7% finder's fees to Mackie Research Capital Corp. and Haywood Securities Inc.
Geologix is a gold and copper exploration company based in Vancouver, B.C.
| Issuer: | Geologix Explorations Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1,105,000
|
| Units: | 17 million
|
| Price: | C$0.065
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.10
|
| Pricing date: | June 20
|
| Settlement date: | July 25
|
| Stock symbol: | Toronto: GIX
|
| Stock price: | C$0.10 at close July 22
|
| Market capitalization: | C$17 million
|
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