Geologix Announce Private Placement for Gross Proceeds of up to $2 million

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.

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