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Geologix Explorations Inc.(TSX:GIX) announced its intenetion to carry out a new private placement for gross proceeds of up to $2,000,000. The Company plans to use the proceeds from the placement for the continued exploration of new targets.
As quoted in the press release:
Each unit will consist of one common share and one-half of a transferable warrant, each whole warrant entitling the holder to purchase another common share for $0.30 for a period of two years. If, after the four month hold period expires, the daily volume weighted average trading price of its shares on the Toronto Stock Exchange is greater than $0.60 for any 20 consecutive trading days, Geologix may, within five trading days thereof, give notice that the warrants will expire 30 trading days after such notice.
Click here to read the Geologix Explorations Inc. (TSX:GIX) press release
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