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| | | November 06, 2008
Georox Resources Inc. Undertaking Private Placement
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| | Nelson, British Columbia, Canada, November 6, 2008: Georox Resources Inc. ("Georox" or the "Corporation") (GXR:TSX-V; OF6A:FRA) is pleased to announce that it is undertaking a non-brokered Private Placement of up to 4,000,000 Units in the capital of the Corporation at $0.05 per unit for aggregate gross issue proceeds of up to $200,000. Each Unit is comprised of one common share of the Corporation and one-half common share warrant. Each whole common share warrant shall entitle the holder thereof to purchase one additional common share of the Corporation at a price of $0.10 per share up to two years after the Closing Date.
All securities issued under this Private Placement are subject to resale restrictions for a period of four months following the Closing Date which is tentatively scheduled for December 15, 2008.
The Private Placement is non-brokered. There is no finder's fee with respect to this financing.
The proceeds of this financing will be utilized for working capital.
The Corporation's authorized capital consists of an unlimited number of common shares. After giving effect to this Private Placement, the Corporation will have 14,234,518 outstanding common shares. An additional 1,000,000 common shares are reserved for issuance pursuant to currently outstanding warrants that expire on November 17, 2008; 2,000,000 common shares will be reserved for issuance with respect to warrants which may be issued pursuant to this Private Placement; and 523,333 common shares are currently reserved under the Corporation's stock option plan.
There is no assurance that the Corporation will be able to complete the Private Placement, in whole or in part.
The proposed Private Placement is subject to acceptance by the TSX Venture Exchange.
About Georox
Georox Resources Inc. is a mineral exploration company engaged in the acquisition, development and exploration of mining properties. The Corporation has acquired mining concessions in Ecuador and mining claims in the West Kootenay Region of British Columbia, Canada. The Corporation trades its common shares and warrants on the TSX Venture Exchange under the symbol GXR and GXR.WT, respectively and its common shares on the Frankfurt Stock Exchange under the symbol OF6A.
For further information you can visit the Corporation's website at: www.georoxresources.com or view the Corporation's records on SEDAR at: www.sedar.com
Cautionary Statement:
The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy or accuracy of this release.
No stock exchange, securities commission or other regulatory authority has approved nor disapproved the information contained herein. The News Release includes certain "forward looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and 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. Important factors that could cause actual results to differ materially from the Corporation's expectations are exploration risks detailed from time to time in the filings made by the Corporation with securities regulations.
For further information:
Bruce Cottingham, CEO
Georox Resources Inc.
Suite 206, 507 Baker Street
Nelson, British Columbia
Canada V1L 4J2
Tel: (250) 352-9923
Fax: (250) 352-9926 |
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| | You can view the Next News Releases item: Thu Nov 20, 2008, Georox Resources Inc. Appeals Four Concession Cancellations In Ecuador
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