Geologix Explorations Inc.

Geologix Explorations Inc.

November 08, 2005 08:36 ET

Geologix Explorations Inc.: Non-Brokered Private Placement of Units

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 8, 2005) -


Geologix Explorations Inc. ("Geologix" or the "Company") (TSX VENTURE:GIX) is pleased to announce that it is arranging a non-brokered private placement of a minimum of 4,000,000 Units at a price of $0.40 per Unit. Each unit will consist of one common share and one-half share purchase warrant. Each whole share purchase warrant is non-transferable, will be exercisable for a period of 18 months from the closing of the private placement and will entitle the Purchaser thereof to subscribe for one additional common share of the Company at a price of $0.65 per share.

The Company will pay brokers and finders a commission or a finder's fee of 7% on the proceeds of the private placement raised by them. The commission or fee shall be payable, at their election, in either cash or units. Brokers will be entitled to receive broker warrants equal to 10% of the number of units sold by them. The broker warrants will be exercisable at $0.65 for 18 months after closing. This private placement is subject to all applicable regulatory approvals. All shares and any shares issued on exercise of the warrants or broker warrants are subject to a four month hold period from closing.

Private placement proceeds 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.

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.

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