KELOWNA, BC, Sept. 24 /CNW/ - Georox Resources Inc. ("Georox" or the "Corporation") (GXR:TSX-V; OF6A:FRA) is pleased to announce that on September 24, 2009 it closed its previously announced non-brokered private placement (the "Private Placement") of 416,667 Units in the capital of the Corporation at $0.12 per Unit for aggregate gross proceeds of $50,000.
Each Unit is comprised of one common share of the Corporation and one-half of one common share purchase warrant. Each whole common share purchase warrant entitles the holder thereof to purchase one additional common share of the Corporation at a price of $0.17 per common share at any time prior to 4:30 p.m. (Calgary time) on September 23, 2011. All securities issued under the Private Placement are subject to a hold period of four months following the date of closing, in accordance with applicable securities laws.
The proceeds of the Private Placement will be utilized for working capital purposes.
Participation in the Private Placement by an officer of Georox was 291,667 Units or approximately 70 % of the Units issued pursuant to the Private Placement.
After giving effect to this Private Placement, the Corporation will have 13,381,185 outstanding common shares. An additional 208,334 common shares will be reserved for issuance on exercise of the common share purchase warrants issued pursuant to the Private Placement.
The TSX Venture Exchange has accepted the documents filed by the Corporation.
The Company trades its common shares on the TSX Venture Exchange under the symbol GXR and its common shares on the Frankfurt Stock Exchange under the symbol OF6A.
For further information you can visit the Corporation's website at: www.georoxresources.com or view the Corporation's records on SEDAR at: www.sedar.com
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
No stock exchange, securities commission or other regulatory authority has approved nor disapproved the information contained herein. This news release includes certain "forward looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of the Corporation, are forward looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Corporation's expectations are exploration risks detailed from time to time in the filings made by the Corporation with securities regulations.
SOURCE Georox Resources Inc.
For further information: For further information: Burkhard Franz, Georox Resources Inc., 205B - 478 Bernard Avenue, Kelowna, British Columbia, Canada, V1Y 6N7, Tel: (250) 712-2213, Fax: (250) 712-2215