VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 3, 2013) -Geologix Explorations Inc. (TSX:GIX)(OTCQX:GIXEF)(FRANKFURT:GF6)(BERLIN:GF6)(STUT:GF6)(MUN:GF6) ("Geologix" and the "Company") is pleased to announce that the $1,000,000 private placement announced on June 17, 2013 has been successfully completed.
The Company issued 10,000,000 shares at $0.10 each, which are subject to a four month hold period. Eligible finders were paid fees totaling $3,825, resulting in net proceeds to the Company of $996,175. Geologix insiders participated in the placement by purchasing 27% of the shares sold.
Net proceeds will be used to further Feasibility Study development work on the Tepal Gold-Copper Porphyry Project in Michoacán State, Mexico, and for general working capital.
"We are pleased to have closed this financing, particularly given the current market environment," stated Dunham Craig, President and CEO of Geologix. "We remain committed to completing the work required for the Feasibility Study and continue to make progress in regards to our permitting and other financing related activities."
On behalf of the Board of Directors,
Dunham Craig, President & CEO