BOSTON, Oct. 20 /CNW/ - Geologic Resource Partners LLC ("GRP") announced
today that it has acquired, through purchases made by funds controlled by it
(the "Funds"), by way of private placement, an aggregate of 586,560,000 common
shares of Geoinformatics Exploration Inc. ("Geoinformatics") at a price of
C$0.05 per share. In addition, Geoinformatics has issued an additional
31,977,209 common shares at a deemed price of C$0.0295 to certain of the Funds
in respect of accrued interest on debentures issued by Geoinformatics. These
debentures, in the principal amount of US$20,000,000, have been repaid by
Geoinformatics with the proceeds from the private placement. This acquisition
increases the Funds' total beneficial share ownership of the funds to
642,628,524 common shares, representing approximately 82.3% of the issued and
outstanding shares of Geoinformatics. GRP and the Funds have acquired the
common shares for purposes of exercising control.
The Funds are Geologic Resource Fund Ltd., which purchased 287,414,400
common shares to hold 323,501,216 common shares (including 23,343,362 common
shares issued in respect of the accrued interest on the debentures); Geologic
Resource Fund LP, which purchased 99,715,200 common shares to hold 112,696,908
common shares (including 8,633,847 common shares issued in respect of the
accrued interest on the debentures); Geologic Resource Opportunities Fund
Ltd., which purchased 164,236,800 common shares to hold 169,612,072 common
shares; and Geologic Resource Opportunities Fund LP, which purchased
35,193,600 common shares to hold 36,818,328 common shares.
GRP and the Funds may, depending on market and other conditions, on an
individual or joint basis, increase or decrease its beneficial ownership of
common shares of Geoinformatics, whether in the open market, by privately
negotiated agreements, or otherwise.
This press release is issued pursuant to National Instrument
62-103 -Early Warning System and Related Issues, which requires a report to be
filed on SEDAR (www.sedar.com) containing additional information with respect
to the foregoing matters. A copy of this report may be obtained by contacting
John Kanellitsas, Chief Operating Officer at (617) 424-9900.
Geologic Resource Partners LLC ("GRP") Geologic Resource Fund Ltd.
Geologic Resource Fund LP Geologic Resource
Geologic Resource Opportunities Fund LP Opportunities Fund Ltd.
535 Boylston Gardenia Court, Suite 3307
Boston, Massachusetts 02116 45 Market Street, Camana Bay
Cayman Islands, BWI
For further information:
For further information: John Kanellitsas, Chief Operating Officer at