Geologix to Carry Out $1,002,000 Unit Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 15, 2017) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Geologix Explorations Inc. (TSX VENTURE:GIX)(FRANKFURT:GF6)(BERLIN:GF6)(MUN:GF6)(STUT:GF6) ("Geologix" or "the Company") is pleased to announce it intends to carry out, subject to approval of the TSX Venture Exchange, a private placement of up to 16,700,000 units at $0.06 per unit for proceeds of up to $1,002,000. Each Unit will consist of one common share and one-half of one non-transferable share purchase warrant. Each whole warrant will entitle the purchase of one common share for three years at a price of $0.10.
The Company may pay fees to eligible finders of 7.0% of the proceeds from investors introduced by such finders and issue to such finders that number of warrants equal to 7.0% of the number of units sold to such investors. The warrants will be exercisable on the same terms as the warrants comprising part of the units.
The net proceeds from the Offering will be used for exploration and development expenditures at the Company's Tepal Gold/Copper Project, working capital and general corporate purposes.
The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended ("U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
The Company will not be proceeding with the brokered private placement announced on April 4, 2017 and April 27, 2017.
About Geologix Explorations Inc.
Geologix is a mineral exploration and development company focused on acquiring, exploring, and developing mineral resource opportunities with the potential to host profitable mining operations. The Company's primary focus is the Tepal Gold/Copper Project in Michoacán state, Mexico.
This Press Release may contain statements which constitute 'forward-looking, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities regulatory authorities, including the Company's Annual Information Form and quarterly and annual Management's Discussion & Analysis, which may be viewed on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Contact
Kiran Patankar
President and Chief Executive Officer
604-694-1742
kpatankar@geologix.ca
www.geologix.ca