MINING MARKETS & INVESTMENT NEWS — Caledonia looks to regain listing

Toronto-based Caledonia Mining has been dropped from the Nasdaq board for failure to keep its head above the minimum trading level of US$1.

However, the company is negotiating with CIBC Wood Gundy to restructure a project loan given to Spanish subsidiary Filon Sur and has made a deal to convert $20 million in unsecured debentures into shares.

Caledonia says it will seek a review of Nasdaq’s decision to suspend trading now that it has begun restructuring its debt. The company maintains a listing on the Toronto Stock Exchange under the symbol cal.

* On the Vancouver Stock Exchange, British Columbia-based Geologix Explorations has been called for trading under the symbol GIX. In its initial public offering, the company raised $420,000 through the sale of 1.2 million shares at 35 cents each. The proceeds will be used to fund exploration at the Dromedary polymetallic property, in the Yukon, in which the company can earn a 60% interest. Geologix has 4.8 million shares issued and outstanding.