GIT:CC - Gitennes Receives TSX Venture Approval for the Acquisition of Key Claims at its Sept Iles Nickel Property Quebec
(TheNewswire)
Vancouver , B.C. - TheNewswire - December 14, 2023 - Gitennes Exploration Inc.(" Gitennes " orthe " Company ") - (TSXV:GIT) announces that further to its newsrelease dated October 17, 2023 it has received TSX Venture Exchange(“TSX Venture”) approval for the acquisition of a 100% undividedinterest in eight key claims at its Sept Iles Nickel Property locatedin the Sept Iles region, Quebec . With theacquisition of the eight claims the Sept Iles Nickel Property now consists of 199 claims totalling 10,900hectares .
The purchase of the eight claims is subject to apurchase agreement dated October 16, 2023, between the Company and anarm's length seller (the "Seller"). As consideration foracquiring a 100% interest in the eight claims, the Company will issueas consideration to the Seller: (i) 1,500,000 units (each a“Unit”). Each Unit is comprised of one common share (a“Consideration Share”) in the capital of Gitennes and onenon-transferable share purchase warrant (each a “Warrant”). EachWarrant entitles the Seller to acquire one additional common share inthe capital of Gitennes at an exercise price of $0.15 for a period ofsixty (60) months; and (ii) Gitennes has granted to the Seller anaggregate 2% net smelter return royalty (“NSR”) on the eightclaims with Gitennes being granted a buyback of 1% of the NSR at anytime for C$1.0 million. Additionally, a 0.5% NSR is granted to twoarm’s length persons that transferred the claims to theSeller.
The Consideration Shares will be subject to a statutoryfour month and one day hold period under applicable securities laws.
About Gitennes ExplorationInc.
Gitennes is in the business of exploring for andadvancing mineral properties with a focus on high grade gold. TheCompany currently has three properties in the Chapais-Chibougamau areaof Quebec: New Mosher, JMW and Maxwell and a 1.5% Net Smelter Returnroyalty on the 18 million ounce Urumalqui Silver Project in Peru. The Company recently sold its gold properties in the Gaspe Region ofQuebec. All properties are 100% owned by Gitennes except for NewMosher which is under option and Gitennes can earn an initial 70% andhas the right to increase 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.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
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 concerning the business,operations and financial performance and condition of the Company. All statements in this news release that are not purely historicalare forward-looking statements and include any statements regardingbeliefs, plans, expectations and orientations regarding the future. Often, but not always, forward-looking statements can be identifiedby words such as "pro forma", "plans","expects", "may", "should","budget", "schedules", estimates","forecasts", "intends", "anticipates","believes", "potential" or variations of suchwords including negative variations thereof and phrases that refer tocertain actions, events or results that may, could, would, might orwill occur or be taken or achieved. Such forward-looking statementsinclude, among others, statements as to the anticipated business plansand timing of future activities of the Company, including the exerciseof any property Options and to conduct exploration activities thereon. Actual results could differ from those projected in anyforward-looking statements due to numerous factors including risks anduncertainties relating to exploration and development and actualresults of exploration activities; the ability of the Company toobtain additional financing; delays in obtaining governmental andregulatory approvals (including of the TSX-V), permits or financing;the need to comply with environmental and governmental regulations;potential defects in title to the Company's properties; fluctuationsin the prices of commodities and precious metals; operating hazardsand risks; environmental issues and liabilities; and competition andother risks and uncertainties of the mining industry. Although theCompany believes that the beliefs, plans, expectations and intentionscontained in this news release are reasonable, there can be noassurance that those beliefs, plans, expectations or intentions willprove to be accurate. Readers should consider all of the informationset forth herein and should review the Company’s periodic reportsfiled from time-to-time with Canadian securities regulators. Thesereports and the Company's filings are available at www.sedar.com.
Readers are cautioned not to place undue reliance onforward-looking statements. The forward-looking statementscontained in this news release are made as of the date of this newsrelease and, except as otherwise required by law, the Companyundertakes no obligation to update the forward-looking statementscontained herein, or to update the reasons why actual results coulddiffer from those projected in these forward-looking statements.
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