GIT:CC - Gitennes Proposed Private Placement
(TheNewswire)
Vancouver , B.C. - TheNewswire - December 5, 2023 - Gitennes Exploration Inc.(" Gitennes " orthe " Company ")- (TSXV:GIT) announces that it is conducting a non-brokered private placement (the“Placement”) of up to 3 2,000,000 units(consisting of 17,000,000 non-flow-through units (“Units”) pricedat $0.015 per Unit and 15,000,000 flow-through units (“FT Units”)priced at $0.02 per FT Unit). Each Unit consists of onenon-flow-through common share and one common share purchase warrant(“Warrant”). Each Warrant shall be exercisable to acquire oneCommon Share (a “Warrant Share”) at an exercise price per WarrantShare of $0.05 for a period of 24 months following the ClosingDate . Each FT Unit consists of oneflow-through common share and one-half common share purchase warrant(“FT Warrant”). Each whole FT Warrant shall be exercisable toacquire one Common Share (a “FT Warrant Share”) at an exerciseprice per FT Warrant of $0.05 for a period of 24 months following theClosing Date. Finder’s Fees may be paid on the financing.
The gross proceeds from the Units are to be used forgeneral working capital purposes but will not be used for InvestorRelations. The gross proceeds from the FT Units are intended to beused to incur Canadian Exploration Expenses that are “flow-throughmining expenditures” (as such terms are defined in the Income TaxAct (Canada)) on the Company’s Quebec projects.
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 The Company currently has threeproperties in the Sept Iles region of Quebec where the Company isexploring for nickel, REE, niobium and tantalum and three goldproperties in the Chapais-Chibougamau area of Quebec: New Mosher, JMWand Maxwell and a 1.5% Net Smelter Return royalty on the18-million-ounce Urumalqui Silver Project in Peru. The Companyrecently sold its gold properties in the Gaspe Region of Quebec. Allproperties are 100% owned by Gitennes except for New Mosher which isunder option and Gitennes can earn an initial 70% and has the right toincrease its ownership to 85%.
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.sedarplus.ca .
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.
Not for distribution to UnitedStates newswire services or for release, publication, distribution ordissemination directly, or indirectly, in whole or in part, in or intothe United States.
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, market fundamentals will result in sustainedprecious metals demand and prices, the receipt of any necessarypermits, licenses and regulatory approvals in connection with thefuture exploration and development of the Company's projects in atimely manner, the availability of financing on suitable terms for theexploration and development of the Company's projects and theCompany's ability to comply with environmental, health and safetylaws.
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;the need to comply with environmental and governmental regulations;potential defects in title to the Company's properties; changes ingeneral economic conditions; fluctuations in the prices of commoditiesand precious metals; operating hazards and risks; environmental issuesand liabilities; risks related to joint venture operations; andcompetition and other risks and uncertainties of the mining industry. Readers should consider all of the information set forth herein andshould review the Company’s periodic reports filed from time-to-timewith Canadian securities regulators. These reports and the Company'sfilings are available 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.
Not for distribution to UnitedStates newswire services or for release, publication, distribution ordissemination directly, or indirectly, in whole or in part, in or intothe United States.
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