VANCOUVER, British Columbia, April 16, 2018 (GLOBE NEWSWIRE) -- Geologix Explorations Inc. (TSX-V:GIX)
(“Geologix” or the “Company”) announces its intention to change the Company’s name to ValOro
Resources Inc. and its ticker symbol to VRO on, and subject to approval of, the TSX-V. Along with the name change, the Company
intends to consolidate its common shares (the “Consolidation”) on the basis of one (1) post-Consolidation common
share for every ten (10) pre-Consolidation common shares, subject to shareholder and TSX-V approvals.
Kiran Patankar, President and CEO, stated: “Equity market conditions remain challenging for junior mining
companies despite an uptick in commodity prices over the past year. During this time, our surface exploration work has uncovered
previously unknown resource expansion potential and identified new drill-ready discovery targets, both of which would significantly
enhance the long-term value of the Company’s flagship Tepal project. Regarding the name change, the word ‘valoro’ in
Spanish means ‘I value’ with an emphasis on ‘oro’, which is Spanish for ‘gold’ and reflects our current focus in Mexico.
We believe that the proposed Consolidation will better position the Company to finance its growth objectives in 2018 and
beyond.”
The Board of Directors anticipates that the Consolidation will benefit the Company by improving its ability to
raise additional capital, increasing its appeal to a broader base of potential investors, and providing greater flexibility with
respect to potential business transactions. Given that TSX-V policies prevent issuing shares at a price below $0.05, the Board of
Directors recommends that shareholders approve the Consolidation so as to increase the market price of the Company's common shares
substantially above that threshold (based on the most recent closing price). If the Consolidation is approved by the Company’s
shareholders, the Board of Directors will have the authority to implement or abandon it without further approval from, action by,
or prior notice to shareholders.
Geologix currently has 217,204,474 common shares issued and outstanding and, if the Consolidation is completed,
will have approximately 21,720,447 common shares issued and outstanding. No fractional shares will be issued in the Consolidation.
Instead, all resulting fractional shares of less than one-half will be rounded down to the nearest whole number, and of one-half or
greater will be rounded up to the nearest whole number. The Company's outstanding incentive stock options and warrants to purchase
19,460,000 and 19,122,634 pre-Consolidation shares, respectively, will be adjusted on the same basis (10:1) to reflect the
Consolidation (to 1,946,000 and 1,912,263 post-Consolidation shares, respectively), with proportionate increases being made to
exercise prices. The Company’s CUSIP number and ISIN will change upon completion of the Consolidation.
The Company has called a special meeting of shareholders to be held in Vancouver on June 21, 2018 at which time
approval for the Consolidation will be sought.
About Geologix Explorations Inc.
Geologix is a mineral exploration and development company focused on acquiring, exploring, and developing
mineral resource opportunities with the potential to host profitable mining operations. The Company's primary focus is the Tepal
Gold/Copper Project in Michoacán state, Mexico.
For Further Information Please Contact:
Kiran Patankar
President and Chief Executive Officer
Tel: 604-694-1742
Email: kpatankar@geologix.ca
Website: www.geologix.ca
This Press Release may contain statements which constitute 'forward-looking, including statements regarding
the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future
business activities and operating performance of the Company. The words "may", "would", "could", "will", "intend", "plan",
"anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are
intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not
guarantees of future business activities or performance and involve risks and uncertainties, and that the Company's future business
activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks,
uncertainties and factors are described in the periodic filings with the Canadian securities regulatory authorities, including the
Company's quarterly and annual Management's Discussion & Analysis, which may be viewed on SEDAR at www.sedar.com. Should one or more of these risks or
uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary
materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has
attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may
be others that cause results not be as anticipated, estimated or intended. The Company does not intend, and does not assume any
obligation, to update these forward-looking statements.
