Additional Private Placement by Geologic Resource Partners LLC Geoinformatics Exploration Inc.



    TORONTO, June 11 /CNW/ - Geologic Resource Partners LLC ("Geologic")
announces that it has conditionally agreed to a C$25 million private placement
to acquire 156,250,000 common shares of Geoinformatics Exploration Inc.
("Geoinformatics") at C$0.16 per share, details of which were announced
earlier today in a joint release by Geologic and Geoinformatics.
    Geologic is the investment manager for several Geologic Resource Funds
(collectively, "GRF") which, together with Geologic, currently hold an
aggregate of 24,091,315 common shares of Geoinformatics, being approximately
17.4% of the common shares currently outstanding. In addition to the common
shares, the GRF also hold secured convertible debentures issued by
Geoinformatics in the aggregate principal amount of US$20,000,000. It is
proposed that a portion of the proceeds of the private placement will be used
to repay the debentures in full.
    Upon completion of the private placement, Geologic will hold or, through
the GRF, control 180,341,315 common shares of Geoinformatics, representing
approximately 61.2% of the approximately 294.8 million common shares that will
then be issued and outstanding. The private placement is conditional upon,
among other things, approval by the shareholders of Geoinformatics and due
diligence by Geologic.
    In conjunction with the announcement of the conditional agreement to do
the private placement, Geologic announces that it no longer intends to file
reports under Part 4 of National Instrument 62-103, entitled The Early Warning
System and Related Take-Over Bid and Insider Reporting Issues, on the basis
that its intention has changed from investment purposes to exercise of
control.

    Geologic is a Boston-based institutional money management firm
specializing in metals and mining investments. Geologic invests on a global
basis in publicly-listed equities of companies with small and micro market
capitalizations. The Chief Investment Officer and Portfolio Manager of
Geologic is George R. Ireland and he leads a team of investment professionals
with collectively over 100 years of investment and operating experience in the
metals resource sectors.





For further information:

For further information: John Kanellitsas, Chief Operating Officer, at
(617) 424-9900

Organization Profile

GEOLOGIC RESOURCE PARTNERS LLC

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890