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Georox Resources Announces Closing of Second Tranche of Unit Placement
Georox Resources Announces Closing of Second Tranche of Unit Placement Georox Reso...
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[{"type":"text","content":"\n\n\n\nGeorox Resources Announces Closing of Second 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.prntaj{\nTEXT-ALIGN: JUSTIFY\n}\n\n\n\n\n\n\nGeorox Resources Announces Closing of Second Tranche of Unit Placement\nCanada NewsWire\nKELOWNA, BC, July 4, 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, July 4, 2016 /CNW/ - Georox Resources Inc. (\"Georox\" or the \"Corporation\") (GXR: TSX-V; OF6A:FRA) is pleased to announce the closing of the second tranche of its previously announced non-brokered private placement of up to 11,666,667 Units 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 (the \"Private Placement\"). Each 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. A total of 3,431,666 Units were issued in this second tranche for aggregate gross proceeds of approximately $205,900. The securities issued pursuant to the Private Placement are subject to a four-month hold period. The aggregate number of Units issued in the first and second tranches of the Private Placement are 6,598,333 Units for gross proceeds of $401,900.\n\nThe Corporation anticipates a further closing of this Private Placement in the next several weeks.  The TSX Venture Exchange has approved an extension of the deadline to complete the Private Placement to August 4, 2016.\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 common...