Geologix Explorations Inc.

Geologix Explorations Inc.

November 06, 2007 08:27 ET

Geologix Explorations Inc.: Exercise of Warrants

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 6, 2007) - Geologix Explorations Inc. (TSX VENTURE:GIX)(FRANKFURT:GF6) is pleased to announce that warrants exercisable at C$1.10 have all been exercised. A total of 2,866,456 warrants were exercised for proceeds of $3,153,102.

The warrants were issued on February 28, 2007 and provide that if, after June 28, 2007, the closing price of Geologix's common shares on the TSX Venture Exchange for 10 consecutive trading days equals or exceeds CDN$ 1.50 per share, Geologix may accelerate the date on which the expiry of the warrants occurs to the 10th trading day after the date on which such notice of acceleration is given. That trading price has been met or exceeded for 28 consecutive trading days.

Geologix now has $4,505,000 in its treasury that will be used for exploration and working capital purposes.

Geologix Explorations Inc. is a mineral exploration company focused on acquiring, exploring and developing gold properties in North and South America. The Company has a wealth of experience in the mining industry taking early stage exploration prospects to final feasibility and ultimately to production.

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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Geologix Explorations Inc.
    Michael Mallard
    V.P. Corporate Communications
    (604) 694-1742 or Toll Free Canada and USA: 1-888-694-1742
    Geologix Explorations Inc.
    Dunham Craig
    President & CEO
    (604) 694-1742 or Toll Free Canada and USA: 1-888-694-1742