Georox Resources Inc. announces equity financing

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[{"type":"text","content":"\n\n\n\nKELOWNA, BC, Sept. 11 /CNW/ - Georox Resources Inc. ("Georox" or "the\nCompany ) (GXR:TSX-V; OF6A:FRA) is pleased to announce a non-brokered equity\nprivate placement of up to 416,667 units at a price of $0.12 per unit. Each\nunit shall consist of one common share and one-half common share purchase\nwarrant. Each whole warrant shall be exercisable for one common share at a\nprice of $0.17 per share for a period of 24 months following closing.\n\n\nThe proceeds of the Placement will be used for general working capital.\nThe Placement is subject to certain conditions including, but not limited to,\na four month hold period and the receipt of all necessary regulatory\napprovals.\n\n\nParticipation in the Private Placement by directors, officers and\nemployees of Georox is 416,667 Units. As a result of the participation of an\nofficer in the financing, Multilateral Instrument 61-101 requires Georox to\nobtain minority approval and a formal valuation for the financing unless an\nexemption from the minority approval and valuation requirements is available.\nSuch an exemption is available to Georox as at the time the transaction was\nagreed to, neither the fair market value of the subject matter of, nor the\nfair market value consideration for the transaction, insofar as it involves\ninterested parties, exceeds 25% of Georox's market capitalization.\n\n\nAfter giving effect to this Private Placement, the Corporation will have\n13,381,185 outstanding common shares. An additional 208,334 shares will be\nreserved for issuance on exercise of the common shares purchase warrants\nissued pursuant to the Private Placement.\n\n\nThe Company trades its common shares on the TSX Venture Exchange under\nthe symbol GXR, and on the Frankfurt Stock Exchange under the symbol OF6A.\n\n\nFor further information you can visit the Company's website at:\nwww.georoxresources.com or view the Company's records on SEDAR at:\nwww.sedar.com\n\n\nCautionary Statement:\n\nNeither the TSX Venture Exchange nor its Regulation Service Provider (as\nthat term is defined in the policies of the TSX Venture Exchange) accepts\nresponsibility for the adequacy or accuracy of this release.\nThe TSX Venture Exchange has not reviewed, and does not accept\nresponsibility for the adequacy or accuracy of this release.\nNo stock exchange, securities commission...

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