Geologix Announces $20 Million Bought Deal Financing

Geologix Explorations Inc. (TSX:GIX) announced it has entered into an agreement with a syndicate of underwriters co-led by Wellington West Capital Markets Inc. and Raymond James Ltd. under which the Underwriters have agreed to buy from GIX, on a bought deal basis, 30,304,000 common shares at an issue price of $0.66 per common share for gross proceeds of $20,000,640.

The press release is quoted as saying:

The net proceeds are intended to be used to fund a pre-feasibility study for the Company’s Tepal project and for working capital and general corporate purposes. Closing of the Offering is expected to occur on or about March 1, 2011.

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Click here to access Geologix Exploration’s company profile.