Alix and Geo Announce More Coal Prospecting Permits In Saskatchewan Plus Financing
ALIX AND GEO ANNOUNCE MORE COAL PROSPECTING PERMITS IN SASKATCHEWAN PLUS FINANCING
November 14, 2008, VANCOUVER, B.C. – ALIX RESOURCES CORP (AIX-TSX:V) and GEO MINERALS LTD. (GM-TSX:V) (The “Companies”) announce that an additional 41 Coal Prospecting Permits have been approved and confirmed by Saskatchewan Energy Resources. The Coal Prospecting Permits cover ground totalling 31,488 hectares (77,775 acres) bringing the Coal Prospecting Permit land total to 146,000 acres. To date 77 Coal Prospecting Permits have been issued by Saskatchewan Energy Resources.
A further 52 coal prospecting permits remain to be approved by Saskatchewan Energy Resources.
All of the ground that has been applied for has been done so in accordance will all the rules and regulations set forth by the government of Saskatchewan's permitting office. As with all other companies applying for coal dispositions in Saskatchewan, both Alix Resources and Geo Minerals, have its applications and coal prospecting permits subject to the Saskatchewan government's approval process.
The latest coal prospecting permits approved, are situated in the Adamas area. Alix and Geo are well positioned within the favourable coal bearing formation in Saskatchewan with ground adjacent to Goldsource Mines Ltd. “Border” coal discovery, the 100% owned first priority permits covering the Wapawekka Lake outcrops that extend for 3.5 miles, the three separate areas hosting historic coal intercepts, and this recent permitted ground adjacent to the Adamas coal discovery.
The Company also announces that it has amended the terms of the non-brokered private placement (the "Private Placement") of Units previously announced on September 17, 2008. The private placement will now consist of up to 10,000,000 Non Flow-Through Units (the "Non FT Units") and up to 10,000,000 Flow-Through Units (the "FT Units") for total proceeds of up to $1,300,000. Each Non FT Unit is priced at $0.05 per Non FT Unit and consists of one common share (a "Share") and one common share purchase warrant (a "Warrant"), each Warrant exercisable into one Share at price of $0.08 per Share for a period of 24 months from the date of issuance. Each FT Unit is priced at $0.10 per FT Unit and consists of one Share and one Warrant, each Warrant exercisable into one Share at price of $0.10 per Share for a period of 24 months from the date of issuance.
Subject to approval by the TSX Venture Exchange and applicable securities legislation, Alix may pay a cash finder's fee and issue non-transferable share purchase warrants to acquire common shares to brokers or other third parties in respect of sales made to purchasers referred to Shear by a finder.
Alix Resources is a junior exploration company actively seeking mineral and energy opportunities for the benefit of all our stakeholders.
ON BEHALF OF THE BOARD
Signed “Michael England”
Michael England, President
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