Geo Minerals completes $592,655 private placement

2010-05-03 12:47 ET - News Release

Mr. Michael England reports

GEO ANNOUNCES CLOSING OF PRIVATE PLACEMENT

Geo Minerals Ltd. has closed its private placement announced in a Stockwatch news release dated March 26, 2010. The private placement closed in two tranches and the company issued in total 8,466,500 units at a price of seven cents per unit, for total gross proceeds of $592,655. Each unit comprises one common share and one non-transferable common share purchase warrant. Each whole warrant entitles the holder to purchase one share at a price of 10 cents per share for a period of two years from the date of issuance. Finders' fees consisting of 702,650 broker warrants and $49,185.50 in cash were paid in accordance with the policies of the TSX Venture Exchange. Each broker warrant will entitle the holder to purchase one share of the company for a period of 24 months from the date of issuance at a price of 10 cents per share. Five million eight hundred thousand units and 461,000 broker warrants issued pursuant to the first tranche of the private placement are subject to a hold period expiring Aug. 23, 2010. Issued pursuant to the second tranche of the private placement, 2,666,500 units and 241,650 broker warrants are subject to a hold period expiring Aug. 30, 2010.