Gitennes Exploration Announces Non-Brokered Private Placement and Closing of First Tranche
Vancouver, November 10, 2017 - Gitennes Exploration Inc. (the "Company") (TSX V - GIT) announces a private placement (the "Private Placement") of up to 10,500,000 units for gross proceeds of up to $1,320,000 (consisting of up to $780,000 in gross proceeds for a non-flow through portion and up to $540,000 in gross proceeds for a flow through portion) and the closing of the first tranche of the Private Placement. Private Placement
The Private Placement consists of a non-brokered offering of up to 10,500,000 units, consisting of up to 6,500,000 non-flow through units (each, a "NFT Unit") at the price of $0.12 per NFT Unit, each NFT Unit consisting of one common share and one non-transferable warrant, each whole warrant entitling the holder to purchase one common share for $0.25 per share for a period of two years, and up to 4,000,000 flow through units (each, a "FT Unit"), each FT Unit consisting of one flow through common share and one non-transferable, non-flow through warrant, each whole warrant entitling the holder to purchase one non-flow through common share for $0.27 per share for a period of two years.
Completion of the Private Placement is subject to the acceptance for filing thereof by the TSX Venture Exchange. In Canada, all securities issued in the Private Placement have a hold period of four months and one day from the date of issuance. Finder's fees are payable on a portion of the Private Placement consisting of a cash commission equal to 6% of the gross proceeds raised by the finder and finder's warrants entitling the finder to purchase that number of common shares equal to 6% of the aggregate number of units issued to investors introduced by the Finder.
Closing of the First Tranche
The Company also announces the closing of a first tranche of the Private Placement consisting of 3,866,666 NFT Units for aggregate gross proceeds of $464,000.
In connection with the closing of the first tranche, the Company paid aggregate finder's fees consisting of $2,400 in cash and 20,000 non-transferrable finder's warrants, each whole finder's warrant entitling the holder to purchase one common share for $0.25 per share for a period of two years.
The Company will use the net proceeds from the Private Placement to fund exploration on its Canadian properties and for general corporate purposes.
About Gitennes Exploration Inc.
Gitennes is in the business of exploring for and advancing mineral deposits. The Company currently has two gold exploration properties in British Columbia, Hixon and Snowbird, 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
President
For further information, please contact:
Ken Booth
Phone: 604-682-7970
Email: info@gitennes.com
Neither the TSX V nor its Regulation Services Provider (as that term is defined in the policies of the TSX V) 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 materially from those projected in any forward-looking statements due to numerous factors including the Company's use of funds raised in the Private Placement; lack of investor interest in the Private Placement, labour disputes and other risks of the mining industry, delays in obtaining governmental and regulatory approvals (including acceptance by the TSX Venture Exchange, required for the Private Placement), 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.
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