GILXF - Gitennes Closes Private Placement
(TheNewswire)
Vancouver , B.C. - TheNewswire - June 23, 2021 - Gitennes Exploration Inc.(" Gitennes " orthe " Company ")– (TSXV:GIT) (OTC:GILXF) announces that, further toits news release of May 31, 2021, the Companyhas closed its previously announced non-brokeredprivate placement (the "Placement")(see news release datedMay 31, 2021). The Placement raised aggregategross proceeds of $770,754.05 through the sale of: (i) 5,386,855flow-through units at the price of $0.11 per unit (each, an "FTUnit"); and (ii) 1,980,000 non-flow-through units at a price of$0.09 per unit (each, a "Unit").
Each FT Unit consists of one flow-through common sharein the capital of the Company (each, an "FT Share") andone-half of one non-flow-through common share purchase warrant (each,an "FT Warrant") with each full FT Warrant entitling theholder thereof to acquire one additional non-flow-through common sharein the capital of the Company at a price of $0.20 per share for aperiod of twelve (12) months from the date of issuance. Each Unitconsists of one non-flow-through common share in the capital of theCompany (each, a "Share") and one non-flow-through commonshare purchase warrant (each, a "Warrant") with eachWarrant entitling the holder thereof to acquire one additionalnon-flow-through common share in the capital of the Company at a priceof $0.15 per share for a period of twenty four (24) months from thedate of issuance.
In connection with the Placement, the Company paidaggregate finder's fees consisting of $ 46,049 in cash and issued 440,654non-transferrable finder's warrants (each, a "Finder'sWarrant"). Each Finder’s Warrant entitles the holder thereofto purchase one common share in the capital of the Company at a priceof $0.15 per share for a period of 24 months from the date ofissuance.
Leede Jones Gable Inc. receivedfinder’s fees consisting of $ 3,710 cash and 35,000 Finder’s Warrants, Echelon Wealth Partners Inc. received finder’sfees consisting of $ 4,389 cash and 44,100 Finder's Warrants, Roche Securities Ltd. receivedfinder's fees consisting of $ 18,000 cash and 163,636 Finder's Warrants, Raymond James Ltd. received finder’sfees consisting of $ 7,560 cash and 84,000 Finder's Warrants and EMD Financial Inc. receivedfinder's fees consisting of $12,390.98 cash and 113,918 Finder’sWarrants.
The gross proceeds from the Placement are expected tobe used to incur Canadian Exploration Expenses that are"flow-through mining expenditures" (as such terms aredefined in the Income TaxAct (Canada)) on the Company's Quebec projectslocated in the Chapais-Chibougamau area.
All securities issued pursuant to the Placement aresubject to a four month and one day hold period in Canada. ThePlacement is subject to certain conditions including, but not limitedto, the receipt of all necessary approvals including the approval ofthe TSX Venture Exchange and any applicable securities regulatoryauthorities.
About Gitennes ExplorationInc.
Gitennes is in the business of exploring for andadvancing mineral properties with a focus on high grade or large tonnage gold deposits . The Company currently hasfour properties in Quebec: JMW, Maxwell, RAL and New Mosher, theSnowbird gold property in British Columbia and a 1.5% Net SmelterReturn royalty on the 18 million ounce Urumalqui Silver Project inPeru. JMW and Maxwell are 100% owned by Gitennes. RAL and NewMosher are under option and Gitennes can earn an initial 70% and hasthe right to increase its ownership to 85%. The Snowbird Propertyhas been optioned to a gold exploration company.
For further information on the Company, readers arereferred to the Company’s website at www.gitennes.com and itsCanadian regulatory filings on SEDAR at www.sedar.com .
Gitennes Exploration Inc.
"Ken Booth"
Ken Booth
President
For further information, please contact: KenBooth
Phone: 604-682-7970
Email: info@gitennes.com
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this news release.
Cautionary Note RegardingForward-Looking Information
This news release includes certain statements thatconstitute "forward-looking information" within the meaningof applicable Canadian securities laws and U.S. securitieslegislation, including the United States Private Securities Litigation Reform Actof 1995 . All statements, other than statementsof historical fact, included herein, including, without limitation,statements concerning, the expected use of proceeds of the Placement,the Company's expectation that will be successful in enacting itsbusiness plans, and the future business, operations and financialperformance and condition of the Company, are forward-lookingstatements. Although the Company believes that such statements arereasonable, it can give no assurance that such expectations will proveto be correct. Often, but not always, forward-looking statements canbe identified by words such as "will", "proforma", "plans", "expects", "may","should", "budget", "schedules",estimates", "forecasts", "intends","anticipates", "believes", "potential"or variations of such words including negative variations thereof andphrases that refer to certain actions, events or results that may,could, would, might or will occur or be taken or achieved. In makingthe forward-looking statements in this news release, the Company hasapplied several material assumptions, including without limitation,the receipt of any necessary regulatory or corporate approvals inconnection with the Placement, that there will be investor interest infuture financings, that the COVID-19 global pandemic will not affectthe ability of the Company to conduct its anticipated business plans,market fundamentals will result in sustained precious metals demandand prices, the receipt of any necessary permits, licenses andregulatory approvals in connection with the future exploration anddevelopment of the Company's projects in a timely manner, theavailability of financing on suitable terms for the exploration anddevelopment of the Company's projects and the Company's ability tocomply with environmental, health and safety laws.
The Company cautions investors that any forward-lookingstatements by the Company are not guarantees of future results orperformance, and that actual results could differ from those projectedin any forward-looking statements due to numerous factors includingrisks and uncertainties relating to exploration and development andactual results of exploration activities; the ability of the Companyto obtain additional financing; delays in obtaining governmental andregulatory approvals (including TSX Venture Exchange approval of thePlacement), permits or financing; the fact that the Company'sinterests in certain of its mineral properties are only options andthere is no guarantee that the interests, if earned, will be certain;risks relating to epidemics or pandemics such as COVID–19, includingthe impact of COVID–19 on the Company's business, financialcondition and results of operations; the need to comply withenvironmental and governmental regulations; potential defects in titleto the Company's properties; changes in general economic conditions;fluctuations in the prices of commodities and precious metals;operating hazards and risks; environmental issues and liabilities;risks related to joint venture operations; and competition and otherrisks and uncertainties of the mining industry. Readers shouldconsider all of the information set forth herein and should review theCompany’s periodic reports filed from time-to-time with Canadiansecurities regulators. These reports and the Company's filings areavailable on the Company's SEDAR profile at www.sedar.com.
Readers are cautioned not to place undue reliance onforward-looking statements. The forward-looking statements containedin this news release are made as of the date of this news release and,except as otherwise required by law, the Company undertakes noobligation to update the forward-looking statements contained herein,or to update the reasons why actual results could differ from thoseprojected in these forward-looking statements.
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