Geo Minerals to raise up to $1.6-million privately
2008-05-20 17:37 ET - News Release
Mr. Michael England reports
PRIVATE PLACEMENTS ANNOUNCED
Geo Minerals Ltd. has arranged non-brokered private placements of up to 3.2 million flow-through units at a price of 25 cents per unit for gross proceeds of $800,000 and up to four million non-flow-through units at a price of 20 cents per unit for gross proceeds of $800,000.
Each flow-through unit comprises one flow-through common share and one-half share purchase warrant. One whole share purchase warrant entitles the holder to purchase an additional non-flow-through common share for 30 cents for a period of one year. The proceeds from this flow-through private placement will be used to undertake this summer's work program on the company's Scotia property, located in the Scotia River area approximately 42 kilometres south of Prince Rupert in British Columbia.
Each non-flow-through unit comprises one common share and one-half share purchase warrant. One whole share purchase warrant entitles the holder to purchase an additional common share for 25 cents for a period of one year. The proceeds from this non-flow-through private placement will be used for a drill program on the Middle Mountain property, Arizona, and for working capital. The Middle Mountain property remains subject to acceptance for filing by the TSX Venture Exchange.
A finder's fee may be payable on each private placement of up to 10 per cent cash and up to 10 per cent share purchase B warrants. Each B warrant will entitle the holder to purchase one common share for 30 cents per share for a period of one year.
The private placements are subject to the acceptance for filing of the TSX Venture Exchange.