VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 9, 2013) - Geodex Minerals Ltd. (TSX VENTURE:GXM)(FRANKFURT:G2W), ("Geodex") announces that it has closed a non-brokered unit private placement of $90,000 and $5,100 in flow-through shares. Geodex will issue 1,500,000 units (the "Units") at $0.06 per Unit. Each Unit is comprised of one common share and one half share purchase warrant (a "Warrant"). Each full Warrant is exercisable into one Geodex common share at $0.10 per share for a period of 12 months from the closing date. Geodex will also issue 85,000 flow-through shares at $0.06 per share.
No finder's fees or commissions will be paid in connection with this private placement. All securities issued in connection with this private placement are subject to a four month hold period which expires on April 7th, 2014.
Proceeds from the private placement will be used to fund drill programs on the South Dungarvon Tin and Benjamin Copper-Molybdenum Projects in New Brunswick, as well as for general corporate purposes.
The drilling at the South Dungarvon Tin Project is scheduled to begin the week of December 9th. Geodex will drill test an area of tin soil anomalies and surface mineralization up to 3.48 per cent tin west of where Geodex intersected tin mineralization in its spring drill program (see Geodex news releases of August 1stand November 27th, 2013). The drilling at the Benjamin Copper-Molybdenum Project will occur in the New Year. Geodex's disclosure of a technical or scientific nature in this press release has been reviewed and approved by David Martin, P.Geol., Geodex's vice-president, New Brunswick operations, who acts as the qualified person under the definition of National Instrument 43-101.
Geodex is a mineral resource company focused on New Brunswick, Canada. Geodex has continued to actively develop its exploration portfolio focused on the discovery of base and critical metals in New Brunswick. Geodex has operated for a decade in New Brunswick where it has had a number of discovery and development successes including Sisson and Mount Pleasant West.
ON BEHALF OF THE BOARD OF DIRECTORS
GEODEX MINERALS LTD.
Mark Fields, President & CEO
Forward Looking Statement
Certain information regarding the Company contained in this press release may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, opinions, forecasts, projections or other statements that are not statements of fact. Although the Company believes that expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. The Company cautions that actual performance will be affected by a number of factors, many of which are beyond the Company's control, and that future events and results may vary substantially from what the Company currently foresees.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.