| Geologix Update and Private Placement Offer | |
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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 12, 2014) - Geologix Explorations Inc. (GIX.TO)(GF6.F)(GF6.BE)(GF6.F)(GF6.MU) ("Geologix" or "the Company") is pleased to announce the following updates on its affairs. Geologix has received four environmental permit approvals from SEMARNAT (Secretaria de Medio Ambiente y Recursos Naturales) in Mexico in addition to its existing approved primary environmental permit (MIA). The Company's Tepal project in Mexico is now fully compliant in its environmental and archeological permits. The Company has also completed the sale of the Consejo Property in Durango State to Argonaut having received the second and final payment of US$348,000. The Company intends to carry out a private placement with various investors of up to $500,000 in convertible, unsecured, 10% (interest payable every six months), three year promissory notes. Insiders have committed to provide $330,000 of the financing. Priority for placement of the balance of the financing will be given to existing shareholders. The principal and accrued interest due under the notes is convertible at any time into common shares of the Company at $0.045 per share. The Company may repay the note with interest after six months. Upon receipt of the Company's repayment notification, note holders will have a 10 day election period to convert the note plus accrued interest into shares or to receive cash. Dunham Craig, Geologix's President and CEO, stated: "Although we have sufficient cash and receivables to operate through 2015, the Company has determined to strengthen its balance sheet with a participating priority given to existing shareholders who share the same fundamental asset value opinion as management. We continue to keep our 100% owned Tepal Project asset in a clean and unencumbered condition until funding conditions and terms are reasonable for both the project and our shareholders." |
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Geologix Explorations Inc.
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EXPLORATION STAGE |
CODE : GIX.TO |
ISIN : CA3719391094 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Geologix Expl. is a zinc and lead exploration company based in Canada. Geologix Expl. holds various exploration projects in Mexico. Its main exploration properties are RO PROPERTY in USA, LISCAY, CAYHUA, SAN FELIPE PROPERTY, SURA, TORO BLANCO and LA JOYA PROPERTY in Peru and EL CARMEN PROJECT, LIBERTAD, SILVER CLOUD, LA CASITA, CONSEJO, TEPAL and SAN AGUSTIN in Mexico. Geologix Expl. is listed in Canada and in United States of America. Its market capitalisation is CA$ 6.5 millions as of today (US$ 5.0 millions, € 4.4 millions). Its stock quote reached its highest recent level on April 20, 2007 at CA$ 3.20, and its lowest recent point on January 29, 2016 at CA$ 0.02. Geologix Expl. has 161 942 893 shares outstanding. |