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or Name
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Geodex Minerals Ltd (2)
Symbol GXM
Shares Issued 21,100,531
Close 2015-07-15 C$ 0.015
Market Cap C$ 316,508
Recent Sedar Documents

Geodex closes special warrant offering for $95,250

2015-07-17 17:24 ET - News Release

An anonymous director reports

GEODEX ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT

Geodex Minerals Ltd. has completed its previously announced non-brokered private placement of special warrants for gross proceeds of $95,250 through the issuance of special warrants. The special warrants are exchangeable, for no additional consideration, into an aggregate of 635,000 units of the company at an effective price of 15 cents per unit. Each unit is composed of one common share of the company and one-half of one common share purchase warrant of the company. Each whole warrant entitles the holder thereof to purchase one common share of the company for a period of 24 months after the closing date (as hereinafter defined) at a price of 20 cents per warrant share. In connection with the offering, the company also issued special warrants exchangeable into units of the company, for no additional consideration, to certain parties for introducing purchasers to the company, representing approximately 5-per-cent commission of the aggregate number of special warrants sold. Upon satisfaction of the following conditions, each special warrant shall be automatically exchanged for an aggregate of 635,000 units:

  • The completion of a consolidation of the outstanding common shares on a one (new) common share for minimum 10 (old) common shares;
  • Receipt of approval of the TSX Venture Exchange for the offering and the consolidation;
  • Receipt of all regulatory approvals required for the offering and the consolidation.

In the event that the exercise conditions are not satisfied on the date that is six months after July 17, 2015, the special warrants shall be redeemed at the purchase price with interest at a rate of 10 per cent per annum. In the event that the exercise conditions are satisfied on or before the date that is six months after the closing date, the special warrants shall be deemed to be exchanged for units, for no further consideration, at 5 p.m. (Toronto time) on the date that the exercise conditions are satisfied.

Proceeds from the offering will be used for general working capital purposes.

The special warrants issued in connection with the offering will have a four-month-and-one-day hold period pursuant to applicable securities laws.

We seek Safe Harbor.

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