(TheNewswire)
Vancouver , B.C. - TheNewswire - December 24,2020 - Gitennes Exploration Inc.(" Gitennes " orthe " Company ") (TSXV:GIT) announces that, further to its newsrelease of December 22, 2020 the Company hasclosed its previously announced non-brokeredprivate placement (the "Offering ") by issuing 3,175,000flow-through units in the capital of the Company (each, a "FTUnit") at a price of $0.10 per FT Unit for gross proceeds of$317,500. Each FT Unit consists of one flow-through common share inthe capital of the Company (each, a "FT Share") and one-halfof one non-flow-through common share purchase warrant (each, a"Warrant") with each full Warrant entitling the holderthereof to acquire one additional non-flow-through common share in thecapital of the Company at a price of $0.15 per share for a period oftwenty four (24) months from the date of issuance.
In connection with the Offering, the Company paidaggregate finder's fees consisting of $23,200 in cash and issued232,000 non-transferrable finder's warrants (each, a "Finder'sWarrant"). Each Finder’s Warrant entitles the holder thereofto purchase one common share in the capital of the Company at pricesranging from $0.10 to $0.15 per share for a period of 12 to 24 monthsfrom the date of issuance.
GloRes Securities Inc. receivedfinder’s fees consisting of $10,800 cash and 108,000 Finder’sWarrants, Echelon Wealth Partners Inc. received finder’s feesconsisting of $800 cash and 8,000 Finder's Warrants, Roche SecuritiesLtd. received finder's fees consisting of $8,000 cash and 80,000Finder's Warrants, and EMD Financial Inc. received finder's feesconsisting of $3,600 cash and 36,000 Finder’s Warrants.
The gross proceeds from the Offering are expected to beused to incur Canadian Exploration Expenses that are"flow-through mining expenditures" (as such terms aredefined in the Income TaxAct (Canada)) on the Company's Quebec projectslocated in the Chapais-Chibougamau area..
All securities issued pursuant to the Offering aresubject to a four month and one day hold period in Canada. TheOffering 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 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 further information on the Company, readers arereferred to the Company’s website at www.gitennes.com and its Canadianregulatory 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
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 Offering,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 Offering, that there will be investor interest infuture financings, that the COVID-19 global pandemic will not affectthe ability of the Company to conduct its anticipated business plans,market fundamentals will result in sustained precious metals demandand prices, the receipt of any necessary permits, licenses andregulatory approvals in connection with the future exploration anddevelopment of the Company's projects in a timely manner, theavailability of financing on suitable terms for the exploration anddevelopment of the Company's projects and the Company's ability tocomply with environmental, 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 TSX Venture Exchange approval of theOffering), permits or financing; the fact that the Company's interestsin certain 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 the Company'sproperties; changes in general economic conditions; fluctuations inthe prices of commodities and precious metals; operating hazards andrisks; environmental issues and liabilities; risks related to jointventure operations; and competition and other risks and uncertaintiesof the mining industry. Readers should consider all of theinformation set forth herein and should review the Company’speriodic reports filed from time-to-time with Canadian securitiesregulators. These reports and the Company's filings are available onthe 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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