Geologix Explorations Inc.

Geologix Explorations Inc.

November 06, 2006 09:48 ET

Geologix Explorations Inc.: 3.0 Million Unit Private Placement Closed

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 6, 2006) - Geologix Explorations Inc. (TSX VENTURE:GIX) is pleased to announce it has closed its non-brokered private placement of units announced October 19, 2006. A total of 3,000,000 Units at a price of $0.45 per Unit were sold for proceeds of $1,350,000. Each unit consisted of one common share and one-half of a transferable share purchase warrant. Each whole warrant is exercisable to purchase one common share until May 3, 2008 at a price of $0.65 per share. The shares and warrants comprising the units and any shares issued on the exercise of the warrants are subject to restrictions on resale for a 4 month period expiring on May 3, 2007.

The majority of the private placement was taken by two entities. Gold 2000 Fund subscribed for 1.94 million units and Pinetree Capital subscribed for 1 million units. No fees were paid on this placement.

The proceeds from the private placement will be used for general working capital and to finance mineral property exploration.

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.

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

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