GIT:CC - Gitennes to Consolidate its Common Shares
(TheNewswire)
Vancouver, B.C. – TheNewswire- July 8, 2024 - GitennesExploration Inc. ("Gitennes" or the"Company") - (TSXV : GIT) announces a consolidation of itscommon shares (the "Consolidation") on the basis of one (1)post-Consolidation common share for every ten (10) pre-Consolidationcommon shares. As of the date of this news release, the Company has68,547,122 common shares issued and outstanding and the Companyexpects that it will have approximately 6,854,712 common shares issuedand outstanding on a post-Consolidation basis. The number ofpost-consolidated common shares to be received will be rounded up tothe nearest whole number for fractions of 0.5 or greater or roundeddown to the nearest whole number for fractions of less than 0.5, andeach shareholder will hold the same percentage of common sharesoutstanding as such shareholder held immediately prior to theConsolidation.
Pursuant to the provisions of the Business Corporations Act (British Columbia) and the Articles of the Company, theConsolidation was approved by way of resolution passed by the board ofdirectors of the Company.
The Consolidation is subject to TSX Venture Exchange(the "Exchange") approval. The Company anticipates that theconsolidated shares will commence trading on a post-Consolidated basison a date to be determined in consultation with the Exchange, whichdate will be announced in a subsequent news release once confirmed.The Company's name and trading symbol will remain unchanged.
Gitennes is undertaking the Consolidation to be in abetter position to attract capital to advance its projects and toenter into potential property transactions.
About Gitennes ExplorationInc.
Gitennes is in the business of exploring for andadvancing mineral properties. The Company currently has two propertiesin the Sept Iles region of Quebec where the Company is exploring fornickel, REE, niobium and tantalum and three gold properties in theChapais-Chibougamau area of Quebec: New Mosher, JMW and Maxwell and a1.5% Net Smelter Return royalty on the 18-million-ounce UrumalquiSilver Project in Peru. All properties are 100% owned by Gitennesexcept for New Mosher which is under option and Gitennes can earn aninitial 70% and has 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.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.
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 Consolidation, the Company's expectationthat it will be successful in enacting its business plans, and thefuture business, operations and financial performance and condition ofthe Company, are forward-looking statements. Although the Companybelieves that such statements are reasonable, it can give no assurancethat such expectations will prove to be correct. Often, but notalways, forward-looking statements can be identified by words such as"will", "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. In making the forward-lookingstatements in this news release, the Company has applied severalmaterial assumptions, including without limitation, the receipt of anynecessary regulatory or corporate approvals in connection with theConsolidation, market fundamentals will result in sustained preciousmetals demand and prices, the receipt of any necessary permits,licenses and regulatory approvals in connection with the futureexploration and development of the Company's projects in a timelymanner, 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 theConsolidation), 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;financial condition 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.sedarplus.ca.
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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