Geologix Proposes Name Change and Share Consolidation
April 16 2018 - 7:00AM
Geologix Explorations Inc. (TSX-V:GIX) (“
Geologix”
or the “
Company”) announces its intention to
change the Company’s name to ValOro Resources Inc. and its ticker
symbol to VRO on, and subject to approval of, the TSX-V. Along with
the name change, the Company intends to consolidate its common
shares (the “
Consolidation”) on the basis of one
(1) post-Consolidation common share for every ten (10)
pre-Consolidation common shares, subject to shareholder and TSX-V
approvals.
Kiran Patankar, President and CEO, stated:
“Equity market conditions remain challenging for junior mining
companies despite an uptick in commodity prices over the past year.
During this time, our surface exploration work has uncovered
previously unknown resource expansion potential and identified new
drill-ready discovery targets, both of which would significantly
enhance the long-term value of the Company’s flagship Tepal
project. Regarding the name change, the word ‘valoro’ in Spanish
means ‘I value’ with an emphasis on ‘oro’, which is Spanish for
‘gold’ and reflects our current focus in Mexico. We believe that
the proposed Consolidation will better position the Company to
finance its growth objectives in 2018 and beyond.”
The Board of Directors anticipates that the
Consolidation will benefit the Company by improving its ability to
raise additional capital, increasing its appeal to a broader base
of potential investors, and providing greater flexibility with
respect to potential business transactions. Given that TSX-V
policies prevent issuing shares at a price below $0.05, the Board
of Directors recommends that shareholders approve the Consolidation
so as to increase the market price of the Company's common shares
substantially above that threshold (based on the most recent
closing price). If the Consolidation is approved by the Company’s
shareholders, the Board of Directors will have the authority to
implement or abandon it without further approval from, action by,
or prior notice to shareholders.
Geologix currently has 217,204,474 common shares
issued and outstanding and, if the Consolidation is completed, will
have approximately 21,720,447 common shares issued and outstanding.
No fractional shares will be issued in the Consolidation. Instead,
all resulting fractional shares of less than one-half will be
rounded down to the nearest whole number, and of one-half or
greater will be rounded up to the nearest whole number. The
Company's outstanding incentive stock options and warrants to
purchase 19,460,000 and 19,122,634 pre-Consolidation shares,
respectively, will be adjusted on the same basis (10:1) to reflect
the Consolidation (to 1,946,000 and 1,912,263 post-Consolidation
shares, respectively), with proportionate increases being made to
exercise prices. The Company’s CUSIP number and ISIN will change
upon completion of the Consolidation.
The Company has called a special meeting of
shareholders to be held in Vancouver on June 21, 2018 at which time
approval for the Consolidation will be sought.
About Geologix Explorations
Inc.
Geologix is a mineral exploration and
development company focused on acquiring, exploring, and developing
mineral resource opportunities with the potential to host
profitable mining operations. The Company's primary focus is the
Tepal Gold/Copper Project in Michoacán state, Mexico.
For Further Information Please
Contact:Kiran PatankarPresident and Chief Executive
OfficerTel: 604-694-1742Email: kpatankar@geologix.caWebsite:
www.geologix.ca
This Press Release may contain statements which
constitute 'forward-looking, including statements regarding the
plans, intentions, beliefs and current expectations of the Company,
its directors, or its officers with respect to the future business
activities and operating performance of the Company. The words
"may", "would", "could", "will", "intend", "plan", "anticipate",
"believe", "estimate", "expect" and similar expressions, as they
relate to the Company, or its management, are intended to identify
such forward-looking statements. Investors are cautioned that any
such forward-looking statements are not guarantees of future
business activities or performance and involve risks and
uncertainties, and that the Company's future business activities
may differ materially from those in the forward-looking statements
as a result of various factors. Such risks, uncertainties and
factors are described in the periodic filings with the Canadian
securities regulatory authorities, including the Company's
quarterly and annual Management's Discussion & Analysis, which
may be viewed on SEDAR at www.sedar.com. Should one or more of
these risks or uncertainties materialize, or should assumptions
underlying the forward-looking statements prove incorrect, actual
results may vary materially from those described herein as
intended, planned, anticipated, believed, estimated or expected.
Although the Company has attempted to identify important risks,
uncertainties and factors which could cause actual results to
differ materially, there may be others that cause results not be as
anticipated, estimated or intended. The Company does not intend,
and does not assume any obligation, to update these forward-looking
statements.
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