(TheNewswire)
Vancouver, BC - TheNewswire - December 22, 2020 - Gitennes Exploration Inc.(TSXV:GIT) (“ Gitennes ” or the“ Company ”) announces that it is undertaking a non-brokered private placement(the “ Offering ”) of up to 3,250,000 flow-through units in the capital ofthe Company (each, a “ FTUnit ”) at a price of $0.10 per FT Unit foraggregate gross proceeds of up to $325,000.
The gross proceeds from the Offering 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 located in theChapais-Chibougamau area.
The Offering is expected to close on or before December23, 2020 subject to certain conditions including, but not limited to,the receipt of all necessary approvals, including the acceptance forfiling of the Offering by the TSX Venture Exchange (the“ TSXV ”) and any applicable securities regulatory authorities. Each FT Unit consists of one flow-through common share in thecapital of the Company (each, a “ FT Share ”) and onehalf of one non-flow-through common share purchase warrant (each, a“ Warrant ”), with each whole Warrant entitling the holder thereof toacquire one additional non?flow-through common share in the capitalof the Company at a price of $0.15 per share for a period of twentyfour (24) months.
The Company may pay finder’s fees to arm’s lengthparties that have introduced the Company to subscribers participatingin the Offering. All securities issued in connection with theOffering will be subject to a four-month and one day hold period inCanada.
None of the foregoing securities have been and will notbe registered under the United States Securities Act of 1933 , as amended (the “ 1933 Act ”) or any applicable statesecurities laws and may not be offered or sold in the United States orto, or for the account or benefit of, U.S. persons (as defined inRegulation S under the 1933 Act) or persons in the United Statesabsent registration or an applicable exemption from such registrationrequirements. This press release does not constitute an offer tosell or the solicitation of an offer to buy nor will there be any saleof the foregoing securities in any jurisdiction in which such offer,solicitation or sale would be unlawful.
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%.
For more information on the Company please go to www.gitennes.com .
Gitennes Exploration Inc.
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 meaning ofapplicable Canadian securities laws and U.S. securities legislation,including the United States Private Securities Litigation Reform Act of 1995 . All statements, other than statements of historical fact,included herein, including, without limitation, statements concerningthe amount and completion of the Offering, the expected use ofproceeds of the Offering, the Company’s expectation that will besuccessful in enacting its business plans, and the future business,operations and financial performance and condition of the Company, areforward-looking statements. Although the Company believes that suchstatements are reasonable, it can give no assurance that suchexpectations will prove to be correct. Often, but not always,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 such wordsincluding 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 theOffering, that investor interest will be sufficient to close theOffering, that there will be investor interest in future financings,that the COVID-19 global pandemic will not affect the ability of theCompany to conduct its anticipated business plans, market fundamentalswill result in sustained precious metals demand and prices, thereceipt of any necessary permits, licenses and regulatory approvals inconnection with the future exploration and development of theCompany’s projects in a timely manner, the availability of financingon suitable terms for the exploration and development of theCompany’s projects and the Company’s ability to comply withenvironmental, 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 TSXV approval of the Offering),permits or financing; the fact that the Company’s interests incertain of its mineral properties are only options and there is noguarantee that the interests, if earned, will be certain; risksrelating to epidemics or pandemics such as COVID–19, including theimpact of COVID–19 on the Company’s business, financial conditionand results of operations; the need to comply with environmental andgovernmental regulations; potential defects in title to theCompany’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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