Georox Closes Private Placement
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Kelowna, British Columbia (FSCwire) - Georox Resources Inc. ("Georox" or the "Corporation") (GXR:TSX-V; OF6A:FRA) has completed its previously announced non-brokered private placement (the "Private Placement") of 18,000,000 common shares on an oversubscribed basis for subscriptions of 19,700,000 common shares. The offering was $0.05 per share for aggregate gross proceeds of $985,000. All securities in the Private Placement will be subject to a four month hold period from closing. The Private Placement proceeds will be used for the payment of the balance of its share of purchase price relating to the acquisition of oil and gas assets announced on March 26, 2018 and for general working capital. Finder’s fees of $74,406 was paid in cash and by 120,000 common share issuance at a deemed price of $0.05.
A Director of Georox subscribed for 2,000,000 shares or 10 % of the Private Placement.
After giving effect to the Private Placement, Georox now has 46,192,311 Common Shares outstanding on a basic basis.
Georox is a public oil and gas exploration, exploitation and development company focusing on conventional oil and gas reservoirs in Western Canada. Georox develops, acquires and exploits oil and gas mineral rights for primary and secondary recovery.
For further information:
Burkhard Franz, President and Chief Executive Officer
Tel: (403) 457-9010
Fax: (403) 265-7424
This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, are forward looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. More particularly, this news release contains forward-looking statements concerning the use of proceeds from the Private Placement and the issuance of Common Shares to the Consultant.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Units in the United States. The Units (or constituent securities) have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Source: Georox Resources Inc. (TSX Venture:GXR, FWB:OF6A)
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