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Press release from Marketwire

Geologix Announces $20 Million Bought Deal Financing

Monday, February 07, 2011

Geologix Announces $20 Million Bought Deal Financing16:13 EST Monday, February 07, 2011VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 7, 2011) -NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICESGeologix Explorations Inc. (TSX:GIX)(FRANKFURT:GF6)(BERLIN:GF6)(MUNICH:GF6)(STUTTGART:GF6) ("Geologix" or the "Company") has today entered into an agreement with a syndicate of underwriters co-led by Wellington West Capital Markets Inc. and Raymond James Ltd. (the "Underwriters") under which the Underwriters have agreed to buy from GIX, on a bought deal basis, 30,304,000 common shares at an issue price of $0.66 per common share for gross proceeds of $20,000,640 (the "Offering").The Underwriters will have an over-allotment option, exercisable at any time prior to 30 days after the closing date, to acquire up to an additional number of common shares equal to 15% of the number of common shares sold pursuant to the Offering, at the issue price. The Company expects to file a short form prospectus with the securities regulatory authorities to qualify the common shares for distribution.The net proceeds are intended to be used to fund a pre-feasibility study for the Company's Tepal project and for working capital and general corporate purposes. Closing of the Offering is expected to occur on or about March 1, 2011.The Offering is being made in all provinces of Canada other than Quebec, and is subject to the approval of regulatory authorities. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.Geologix Explorations Inc. is a mineral exploration company focused on acquiring, exploring and developing mineral resource opportunities with the potential to host world class mineral deposits. The Company's primary focus is the Tepal Gold-Copper Porphyry Project in Michoacán State, Mexico, where the Company has completed a Preliminary Economic Assessment study ("PEA") of the existing resource and is continuing to aggressively explore for additional gold and copper mineralization in an effort to expand the size of the resource and scale of the possible future mining operation.FOR FURTHER INFORMATION PLEASE CONTACT: Jeffrey Wilson, V.P. Corporate CommunicationsGeologix Explorations Inc.(604) 694-1742Toll Free in Canada & USA 1(888) 694-1742jwilson@geologix.caORDunham CraigGeologix Explorations Inc.President & CEO(604) 694-1742dcraig@geologix.cawww.geologix.caThe Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.