Thursday, November 5, 2009

Geodex Announces Unit Private Placement

Geodex Minerals Ltd. ("Geodex") announces that it has engaged Vicarage Capital Limited ("VCL") of London, England as agent to assist in the private placement of up to 15 million units of Geodex (the "Units") at $0.15 per Unit. Each Unit will be comprised of one common share and one half warrant. Each full warrant is exercisable into one additional Geodex common share at $0.25 per share for a period of 24 months from closing. Proceeds from the private placement will be used to advance the pre-feasibility study for Geodex's Sisson Brook project and for general corporate purposes.

VCL will receive a cash commission of eight percent (8%) of the proceeds which it raises and broker's warrants equal to eight percent (8%) of the number of Units which it places. The broker's warrants will be exercisable for a period of 24 months at a price of $0.15 per share. All securities issued on the proposed private placement will be subject to a four month hold period. Not more than 20% of the private placement will be subscribed for by non-arm's length parties. The private placement is subject to TSX Venture Exchange approval. The private placement will not result in a change of control of Geodex.

For full details and a complete copy of this release please visit the company website

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