Geologix Completes $1.0 Million Private Placement
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/03/13 -- Geologix Explorations Inc. (TSX: GIX)(OTCQX: GIXEF)(FRANKFURT: GF6)(BERLIN: GF6)(STUT: GF6)(MUN: GF6) ("Geologix" and the "Company") is pleased to announce that the $1,000,000 private placement announced on June 17, 2013 has been successfully completed.
The Company issued 10,000,000 shares at $0.10 each, which are subject to a four month hold period. Eligible finders were paid fees totaling $3,825, resulting in net proceeds to the Company of $996,175. Geologix insiders participated in the placement by purchasing 27% of the shares sold.
Net proceeds will be used to further Feasibility Study development work on the Tepal Gold-Copper Porphyry Project in Michoacan State, Mexico, and for general working capital.
"We are pleased to have closed this financing, particularly given the current market environment," stated Dunham Craig, President and CEO of Geologix. "We remain committed to completing the work required for the Feasibility Study and continue to make progress in regards to our permitting and other financing related activities."
On behalf of the Board of Directors,
Dunham Craig, President & CEO
This Press Release contains 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.
Contacts:
Geologix Explorations Inc.
Investor Relations
604-428-3664
ir@geologix.ca