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Georox Resources Announces Closing of First Tranche of Unit Placement
Georox Resources Announces Closing of First Tranche of Unit Placement Georox Resou...
About this update from Prospera Energy Inc.
[{"type":"text","content":"\n\n\n\nGeorox Resources Announces Closing of First Tranche of Unit Placement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nGeorox Resources Announces Closing of First Tranche of Unit Placement\nCanada NewsWire\nKELOWNA, BC, May 20, 2016\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\n\nKELOWNA, BC, May 20, 2016 /CNW/ - Georox Resources Inc. (\"Georox\" or the \"Corporation\") (GXR: TSX-V; OF6A:FRA) is pleased to announce the closing of the first tranche of its previously announced non-brokered private placement (the \"Private Placement\") resulting in the aggregate gross proceeds of approximately $196,000. A total of 3,266,667 units (\"Units\") were issued at a price of $0.06 per Unit, with each Unit consisting of one (1) common share in the capital of the Corporation (\"Common Share\") and one (1) Common Share purchase warrant. Each whole warrant will entitle the holder to acquire one (1) Common Share at a price of $0.12 for a period to and including April 30, 2018. The securities issued pursuant to the Private Placement are subject to a four-month hold period.\n\nThe Private Placement proceeds will be used for current general payables, general corporate purposes and expenditures related to the optimization of production in its Red Earth property. The closing of the Private Placement is subject to any and all required regulatory approvals, including approval of the TSX Venture Exchange.\n\nAbout Georox\n\nThe Corporation currently produces approximately 140 boepd of which 75% is light oil, 24% is heavy oil and 1% is gas.\n\nProduction volumes are commonly expressed on a barrel of oil equivalent (\"BOE\") basis whereby natural gas volumes are converted at a ratio of six thousand cubic feet to one barrel of oil.  The intention is to convert oil and natural gas measurement units into one basis for improved analysis of results and comparisons with other industry participants.  The term BOE may be misleading, particularly if used in isolation.  The conversion ratio...