Geo Minerals Ltd. Closes Financing
29.04.2011 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwire - April 29, 2011) - Geo Minerals Ltd. (TSX VENTURE: GM) (FRANKFURT: 8G3) ("GEO" or the "Company") is pleased to announce that it has closed its private placement (the "Private Placement") previously announced in a news release dated April 5, 2011. Pursuant to the Private Placement the Company issued 18,333,332 units (the "Units") at a price of $0.06 per Unit, for gross proceeds of $1,100,000. Each Unit is comprised of one common share (a "Share") and one non-transferable common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to purchase one Share at a price of $0.10 per Share for the first 12 months and at a price of $0.12 for the following 12 months from the date of issuance.Proceeds from this financing will be used to advance the Company's West Blackwater property in B.C. as well as for general working capital. Geo is in the process of permitting for the upcoming work programs.
No finders' fees were paid in connection with this Private Placement. All securities issued pursuant to the Private Placement are subject to a hold period expiring August 28, 2011.
Geo also announces it has determined not to proceed with the 60% option on the Windfall Property in Quebec (see PR November 15th, 2010) so that it can focus its efforts on the West Blackwater property. The Company still holds claims in the area (see PR December 16th, 2010).
Geo Minerals is a junior exploration company actively seeking mineral opportunities for the benefit of all our stakeholders.
ON BEHALF OF THE BOARD
Michael England
President
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information
Geo Minerals Ltd.
Michael England, President
1-604-683-3995 or Toll Free: 1-888-945-4770
1-604-683-3988 (FAX)
www.geominerals.ca