/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES/
CALGARY, June 30, 2015 /CNW/ - 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 7,490,000 units of
the Corporation ("Units") at a price of $0.05 per Unit for aggregate gross proceeds of
$374,500. Each Unit consists of
one common share of the Corporation (a "Common Share") and
one-half of one Common Share purchase warrant (each whole such
warrant, a "Warrant"). The Warrants will not be
listed. Each whole Warrant shall be exercisable for one Common
Share at a price of $0.10 per Common
Share for the period to and including June
29, 2017.
All securities in the Private Placement will be subject to a
four month hold period from closing.
In connection with the Private Placement, agents will be paid an
aggregate of $18,165 finder's fee (7%
of the aggregate subscription price) and issued an aggregate of
363,300 Warrants (7% of the aggregate Units sold by finders).
The proceeds of the Private Placement will be used for general
corporate purposes, expenditure relating to optimization of
production and reduction of bank debt.
After giving effect to Private Placement, Georox now has
43,087,107 Common Shares outstanding on a basic basis.
Directors or officers subscribed for 600,000 Units or 8.01% of
the Private Placement.
About Georox
Georox is a Canadian natural resource company engaged in the
acquisition, exploration and development of oil and gas properties
in Western Canada.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements relating
to 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 the proceeds from
the Private Placement.
Although Georox believes that the expectations and assumptions
on which the forward-looking statements are based are reasonable,
undue reliance should not be placed on the forward-looking
statements because Georox can give no assurance that they will
prove to be correct. Since forward-looking statements address
future events and conditions, by their very nature they involve
inherent risks and uncertainties. Actual results could differ
materially from those currently anticipated due to a number of
factors and risks. These include, but are not limited to, risks
associated with the oil and gas industry in general (e.g.,
operational risks in development, exploration and production;
delays or changes in plans with respect to exploration or
development projects or capital expenditures; the uncertainty of
reserve estimates; the uncertainty of estimates and projections
relating to production, costs and expenses, and health, safety and
environmental risks), commodity price and exchange rate
fluctuations and uncertainties resulting from potential delays or
changes in plans with respect to exploration or development
projects or capital expenditures.
The reader is cautioned that assumptions used in the preparation
of any forward-looking information may prove to be incorrect.
Events or circumstances may cause actual results to differ
materially from those predicted, as a result of numerous known and
unknown risks, uncertainties, and other factors, many of which are
beyond the control of Georox. As a result, we cannot
guarantee that any forward-looking statement will materialize and
the reader is cautioned not to place undue reliance on any
forward-looking information. Such information, although
considered reasonable by management at the time of preparation, may
prove to be incorrect and actual results may differ materially from
those anticipated. Forward-looking statements contained in
this news release are expressly qualified by this cautionary
statement. The forward-looking statements contained in this
news release are made as of the date of this news release, and
Georox does not undertake any obligation to update publicly or to
revise any of the included forward-looking statements, whether as a
result of new information, future events or otherwise, except as
expressly required by Canadian securities law.
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.