Geologix Explorations Inc. (TSX:GIX) announced that its $2,000,000 unit private placement announced June 28, 2012 was oversubscribed and a total of $2,502,000 was raised.
As quoted in the press release:
Geologix issued 12,510,000 units at $0.20 per unit. Each unit consisted of one common share and one-half of a transferable warrant, each whole warrant entitling the holder to purchase another common share for $0.30 until August 5, 2014. If, after the four month hold period expires on December 2, 2012, the daily volume weighted average trading price of its shares on the Toronto Stock Exchange is greater than $0.60 for any 20 consecutive trading days, Geologix may, within five trading days thereof, give notice that the warrants will expire 30 trading days after such notice.