GIT:CC - Gitennes Receives TSX Venture Approval for the Acquisition of the Sept Iles Nickel and Rare Earth Element Properties Quebec
(TheNewswire)
Vancouver , BC - TheNewswire - June 15, 2023 - Gitennes Exploration Inc.(" Gitennes " or the " Company ") – (TSXV:GIT) announcesthat further to its news release dated May 24, 2023 it has receivedTSX Venture Exchange (“TSX Venture”) approval for the proposedacquisition of a 100% undivided interest in the Sept Iles Nickel andRare Earth Element properties located in the Sept Iles region,Quebec .
The Sept Iles Nickel property consists of 197contiguous claims, previously reported in the May 24 news release as191 claims and the Rare Earth Property consists of 62 contiguousclaims (the “Properties”). The purchase of the Properties is subject to a purchaseagreement dated May 23, 2023, between the Company and arm's lengthsellers (the "Sellers"). As consideration for acquiring a100% interest in the Properties, the Company will issue asconsideration to the Sellers: (i) an aggregate of 8,000,000 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 Sellers to acquire one additional common share inthe capital of Gitennes at an exercise price of $0.15 for a period ofthirty-six (36) months; and (ii) Gitennes has granted to two of theSellers an aggregate 2% net smelter return royalty (“NSR”) on theProperties with Gitennes being granted a buyback of 1% of the NSR atany time for C$1.0 million. Gitennes has also granted to the sametwo Sellers a 0.5% NSR on any additional claims Gitennes acquires orstakes within an area of interest of the Sept Iles Nickel property.Gitennes can purchase 50% of the 0.5% NSR at anytime for C$250,000. If Gitennes acquires any additional claims the acquisition may besubject to a separate filing with the TSX Venture and require TSXVenture approval in accordance with the applicable TSXV policies.
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 the Snowbird gold propertyin British Columbia and a 1.5% Net Smelter Return royalty on the 18million ounce Urumalqui Silver Project in Peru. The Company recentlysold 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%. The Snowbird Property has beenoptioned 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:
Ken Booth
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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