/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES/
KELOWNA, BC, July 27, 2017 /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 3,044,570 units
of the Corporation ("Units") at a price of $0.07 per Unit for aggregate gross proceeds of
$213,120. Each Unit consists of one
common share of the Corporation (a "Common Share") and one
half of a Common Share purchase warrant (a "Warrant"). The
Warrants will not be listed. Each Warrant shall be exercisable for
one Common Share at a price of $0.14
per Common Share for a period to and including May 22, 2019. Georox does not anticipate issuing
further Units under the Private Placement.
All securities in the Private Placement will be subject to a
four month hold period from closing.
The Private Placement proceeds will be used for the optimization
of production on the Corporation's Red
Earth, Alberta property for
the completion of a water flood program, and for general corporate
purposes.
Directors or officers of Georox subscribed for 1,544,570 Units
or 50.7% of the Private Placement.
After giving effect to both the Private Placement, Georox shall
have 26,018,432 Common Shares outstanding on a basic basis.
Georox shall issue Common Shares in connection with arrangements
with a consultant (the "Consultant"). Subject to the TSX
Venture Exchange approval, Georox will issue 200,000 Common Shares
at a price of $0.05 per share and
153,846 Common Shares at a price of $0.065 per share for services rendered to the
Corporation by the Consultant.
After giving effect to both the Private Placement and the Common
Share issuance to the Consultant, Georox shall have 26,372,278
Common Shares outstanding on a basic basis.
About Georox
Georox is a public oil and gas exploration, exploitation and
development company focusing on conventional oil and gas reservoirs
in Western Canada. Georox will use
its experience to develop, acquire and drill assets with potential
for primary and secondary recovery.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements relating
to the future operations of 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 proceeds from the
Private Placement and the issuance of Common Shares to the
Consultant.
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.