By Sheri Kasprzak
New York, Nov. 8 - Geologix Explorations Inc. said it has negotiated a private placement for at least C$1.6 million.
The company intends to sell a minimum of 4 million units at C$0.40 each on a non-brokered basis.
The units are comprised of one share and one half-share warrant. The whole warrants allow for the purchase of another share at C$0.65 each for 18 months.
Proceeds will be used for mineral property exploration and for working capital.
Vancouver, B.C.-based Geologix is a mineral exploration company.
Issuer: | Geologix Explorations Inc.
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Issue: | Units of one share and one half-share warrant
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Amount: | C$1.6 million (minimum)
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Units: | 4 million (minimum)
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Price: | C$0.40
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Warrants: | One half-share warrant per unit
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Warrant expiration: | 18 months
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Warrant strike price: | C$0.65
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Placement agent: | Non-brokered
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Pricing date: | Nov. 8
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Stock price: | C$0.43 at close Nov. 7
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