|August 26, 2010|
Geologix Completes $2.3 Million Private Placement
|Vancouver, B.C., August 26, 2010 -- Geologix Explorations Inc. (TSX: GIX) is pleased to announce that it has closed a private placement of 10.45 million units at $0.22 per unit for gross proceeds of $2,299,000. Each unit consisted of one common share and one-half of a non-transferable warrant, each whole warrant entitling the holder to purchase another common share for $0.30 for a period of one year. Eligible finders were paid a 5% fee and issued 263,386 warrants, being 5% of the number of units purchased by investors introduced to Geologix by the finders, exercisable on the same terms as the warrants comprising part of the units. The shares and shares issuable on exercise of the warrants are non-transferable until December 26, 2010.|
Geologix will use the net proceeds for exploration and development of its Tepal Gold-Copper Porphyry Project in Michoacán State, Mexico and general working capital.
Geologix Explorations Inc. is a mineral exploration company focused on acquiring, exploring and developing mineral resource opportunities with the potential to host world class mineral deposits. The Company's current primary focus is the Tepal Gold-Copper Porphyry Project in Michoacán State, Mexico, where the Company is aggressively exploring for potential resource expansion, and advancing toward preliminary economic assessment of the project in its ongoing effort to upgrade and increase the scale and viability of this emerging project.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.
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