|June 08, 2009|
Geologix Amends Outstanding Warrants
|Vancouver, B.C., June 8, 2009 - Geologix Explorations Inc. (TSX: GIX) announces that, subject to Exchange approval, it intends to extend the term and reduce the exercise price of 2,000,000 warrants and 480,000 broker warrants issued in a private placement completed in February 2008. |
The warrants were originally exercisable to purchase one share at a price of $3.20 until February 25, 2010. The warrants also provided that if the closing trading price of Geologix's shares for 10 or more consecutive trading days equalled or exceeded $5.00 per share, the warrants must be exercised by the holders within 20 trading days of notice thereof from Geologix or the warrants will terminate. The new exercise price of the warrants will be $0.35, the new expiry date will be June 8, 2010 and the new compulsory exercise price will be $0.50 per share.
The broker warrants were originally exercisable to purchase one unit consisting of one share and one warrant at a price of $2.25 until February 25, 2010. The new exercise price of the broker warrants will be $0.35 and the new expiry date June 8, 2010 and the warrants issuable on the exercise of the broker warrants will be amended to have a new exercise price of $0.35, expiry date of June 8, 2010 and compulsory exercise price of $0.50 per share.
Following receipt of Exchange approval for the amendments, Warrantholders will be provided with instructions regarding the new warrant terms.
Geologix Explorations Inc. is a mineral exploration company focused on acquiring, exploring and developing mineral properties in North and South America.
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