Georox Resources Announces Closing of Second Tranche of Unit Placement

Georox Resources (TSXV:GXR) has announced the closing of the second tranche of its previously announced non-brokered private placement of up to 11,666,67 units at $0.06 per unit with each unit consisting of one common share in the capital of the corporation and one common share purchase warrant.
As quoted in the press release:

Each warrant will entitle the holder to acquire one (1) Common Share at a price of $0.12 for a period to and including April 30, 2018. A total of 3,431,666 Units were issued in this second tranche for aggregate gross proceeds of approximately $205,900. The securities issued pursuant to the Private Placement are subject to a four-month hold period. The aggregate number of Units issued in the first and second tranches of the Private Placement are 6,598,333 Units for gross proceeds of $401,900.
The Corporation anticipates a further closing of this Private Placement in the next several weeks. The TSX Venture Exchange has approved an extension of the deadline to complete the Private Placement to August 4, 2016.
The Private Placement proceeds will be used for current general payables, general corporate purposes and expenditures related to the optimization of production in its Red Earth property. The closing of the Private Placement is subject to any and all required regulatory approvals, including approval of the TSX Venture Exchange.

Click here to read the full press release.