Gitennes Exploration Closes First Tranche of Non-Brokered Private Placement and Issues Options
Vancouver, June 22, 2017 - Gitennes Exploration Inc. ("Gitennes" or the "Company") (TSXV - GIT) announces the closing of the first tranche of a non-brokered private placement previously announced May 31, 2017 (the "Private Placement"). The first tranche of the Private Placement raised aggregate gross proceeds of $447,860 through the issuance of 3,715,000 non-flow through units at $0.055 per unit (for gross proceeds of $204,325) and 3,746,693 flow-through units at $0.065 per unit (for gross proceeds of $243,535). All securities issued in the Private Placement have a hold period of four months expiring on October 22, 2017. Each unit consists of one common share and one non-flow through common share purchase warrant. Each warrant is exercisable for a period of 36 months from the closing of the first tranche of the Private Placement and has an exercise price of $0.085 for the non-flow through unit warrants and an exercise price of $0.10 for the flow-through unit warrants. The expiry date of the flow-through warrants and the non-flow through warrants will be accelerated if the closing price of the Company's common shares on the TSX Venture Exchange (the "TSX-V") is at least $0.15 for a minimum of 20 consecutive trading days during the term commencing after four months from the issuance of the warrants.
The Company will use the net proceeds from the Private Placement to fund exploration on its Canadian properties and for general corporate purposes. In addition, a total of $17,337 in cash and 281,640 warrants were paid in finder's fees.
The Company also announces that pursuant to its stock option plan, it intends to grant 850,000 incentive stock options to consultants and advisors, all of which options will vest at the time they are granted Each option is exercisable to purchase one common share of the Company at $0.05 for a term of five years.
About Gitennes Exploration Inc.
Gitennes is in the business of exploring for and advancing mineral deposits. The Company currently has two gold exploration properties, Hixon and Snowbird, both in British Columbia and a 1% Net Smelter Returns royalty on the 18 million ounce Urumalqui Silver Project in Peru.
For further information on the Company, readers are referred to the Company's website at www.gitennes.com and its Canadian regulatory filings on SEDAR at www.sedar.com.
"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 nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Information
This news release includes certain statements that constitute "forward-looking information" within the meaning of 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 historical are forward-looking statements and include any statements regarding beliefs, plans, expectations and orientations regarding the future. Often, but not always, forward-looking statements can be identified by words such as "pro forma", "plans", "expects", "may", "should", "budget", "schedules", estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Such forward-looking statements include, among others, statements as to the anticipated business plans and timing of future activities of the Company. Actual results could differ from those projected in any forward-looking statements due to numerous factors including risks and uncertainties relating to exploration and development and actual results of exploration activities; the ability of the Company to obtain additional financing, including closing the remainder of the Private Placement; delays in obtaining governmental and regulatory approvals (including the TSX-V), permits or financing; the need to comply with environmental and governmental regulations; potential defects in title to the Company's properties; fluctuations in the prices of commodities and precious metals; operating hazards and risks; environmental issues and liabilities; and competition and other risks and uncertainties of the mining industry. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that those beliefs, plans, expectations or intentions will prove to be accurate. Readers should consider all of the information set forth herein and should review the Company's periodic reports filed from time-to-time with Canadian securities regulators. These reports and the Company's filings are available at www.sedar.com.
Readers are cautioned not to place undue reliance on forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as otherwise required by law, the Company undertakes no obligation to update the forward-looking statements contained herein, or to update the reasons why actual results could differ from those projected in these forward-looking statements.
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