Georox Resources Inc. undertaking private placement

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[{"type":"text","content":"\n\n\n\nNELSON, BC, Nov. 6 /CNW/ - Georox Resources Inc. ("Georox" or the\n"Corporation") (GXR:TSX-V; OF6A:FRA) is pleased to announce that it is\nundertaking a non-brokered Private Placement of up to 4,000,000 Units in the\ncapital of the Corporation at $0.05 per unit for aggregate gross issue\nproceeds of up to $200,000. Each Unit is comprised of one common share of the\nCorporation and one-half common share warrant. Each whole common share warrant\nshall entitle the holder thereof to purchase one additional common share of\nthe Corporation at a price of $0.10 per share up to two years after the\nClosing Date.\n\n\nAll securities issued under this Private Placement are subject to resale\nrestrictions for a period of four months following the Closing Date which is\ntentatively scheduled for December 15, 2008.\n\n\nThe Private Placement is non-brokered. There is no finder's fee with\nrespect to this financing.\n\n\nThe proceeds of this financing will be utilized for working capital.\n\n\nThe Corporation's authorized capital consists of an unlimited number of\ncommon shares. After giving effect to this Private Placement, the Corporation\nwill have 14,234,518 outstanding common shares. An additional 1,000,000 common\nshares are reserved for issuance pursuant to currently outstanding warrants\nthat expire on November 17, 2008; 2,000,000 common shares will be reserved for\nissuance with respect to warrants which may be issued pursuant to this Private\nPlacement; and 523,333 common shares are currently reserved under the\nCorporation's stock option plan.\n\n\nThere is no assurance that the Corporation will be able to complete the\nPrivate Placement, in whole or in part.\n\n\nThe proposed Private Placement is subject to acceptance by the TSX\nVenture Exchange.\n\n\nAbout Georox\n\n\nGeorox Resources Inc. is a mineral exploration company engaged in the\nacquisition, development and exploration of mining properties. The Corporation\nhas acquired mining concessions in Ecuador and mining claims in the West\nKootenay Region of British Columbia, Canada. The Corporation trades its common\nshares and warrants on the TSX Venture Exchange under the symbol GXR and\nGXR.WT, respectively and its common shares on the Frankfurt Stock Exchange\nunder the symbol OF6A.\n\n\nFor further information you can visit the Corporation's web...

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