Trading Symbol : GXM
Frankfurt : G2W
VANCOUVER, Feb. 12 /CNW Telbec/ - Geodex Minerals Ltd. (TSX-V: GXM),
("Geodex") announces that it has received final TSX Venture Exchange approval
for its non-brokered private placement announced on December 7, 2007. The
private placement has closed and consisted of 1,479,567 units at a price of
$1.15 per unit for total proceeds of $1,701,502. Each unit is comprised of one
common share and one half share purchase warrant to purchase one additional
common share at $1.65 per share for one year following closing of the private
placement. Geodex may force conversion of the outstanding warrants on 30 days
notice to the warrant holders in the event Geodex's shares close at a trading
price of $2.00 or greater for 10 consecutive trading days.
Proceeds of this private placement will be used to fund ongoing mineral
exploration activities and for working capital. Commissions in the amount of
$20,577 and 17,850 warrants were paid to third parties who assisted in placing
a portion of the private placement. The private placement did not result in a
change of control.
The hold period on the private placement shares and on any shares issued
pursuant to the exercise of the warrants expires on May 31, 2008.
The company also announces that pursuant to its stock option plan, it has
granted 50,000 options to consultants and employees. These will be exercisable
at a price of $00.70 for a period of 5 years.
Forward Looking Statement
Certain information regarding the Company contained in this press release
may constitute forward-looking statements within the meaning of applicable
securities laws. Forward-looking statements may include estimates, plans,
opinions, forecasts, projections or other statements that are not statements
of fact. Although the Company believes that expectations reflected in such
forward-looking statements are reasonable, it can give no assurance that such
expectations will prove to have been correct. The Company cautions that actual
performance will be affected by a number of factors, many of which are beyond
the Company's control, and that future events and results may vary
substantially from what the Company currently foresees.
On Behalf of the Board of Directors
GEODEX MINERALS LTD.
'Jack M. Maris'
Jack M. Maris,
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the accuracy or adequacy of this release.
For further information:
For further information: Christopher R. Anderson, V.P Business
Development, (604) 689-7771, Toll free 1-888-999-3500,
firstname.lastname@example.org, www.geodexminerals.com; Renmark Financial
Communications Inc.: Neil Murray-Lyon: email@example.com;
Christine Stewart: firstname.lastname@example.org; Media - Vanessa Napoli:
email@example.com, (514) 939-3989, Fax: (514) 939-3717,