Gitennes Arranges Private Placement For Up To $1.5 Million
VANCOUVER, December 4, 2024 - Gitennes Exploration Inc. ("Gitennes" or the "Company") - (TSXV: GIT) is pleased to announce a non-brokered private placement of up to 5,000,000 units of the Company ("Units") at a price of $0.30 per Unit for aggregate gross proceeds of up to $1,500,000 (the "Private Placement'). Each Unit will consist of one common share (a "Common Share") and one-half common share purchase warrant, with each full warrant (a "Warrant") being exercisable to purchase one Common Share at a price of $0.40 for 12 (twelve) months from the date of issuance. The private placement is expected to close on or about December 20, 2024.
The Company may pay finders' fees to eligible finders, in accordance with applicable securities laws and the policies of the TSX Venture Exchange ("TSXV"). The Private Placement is subject to approval of the TSXV, and all securities issued under the Private Placement will be subject to statutory hold periods expiring four months and one day from the date of closing of the Private Placement.
The Company intends to use the net proceeds of this financing for exploration, evaluation of potential new resource projects, general and administrative expenses which will include funds for marketing and investor relations, and cash for working capital.
Acceleration Clause
If, at any time after the date of issuance of the warrant, the closing price of the Company's common shares on the TSX Venture Exchange (or such other stock exchange on which the common shares may be traded from time to time) is at or above 55 cents (CDN) per share for a period of 10 consecutive trading days, the company may, within five days of the triggering event, accelerate the expiry date of the warrants by giving notice thereof to the holders of the warrants, by way of news release, and in such case the warrants will expire on the first day that is 30 calendar days after the date on which such notice is given by the Company announcing the triggering event and all rights of holders of such warrants shall be terminated without any compensation to such holder.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
About Gitennes Exploration Inc.
The Company currently has two properties in the Sept Iles region of Quebec where it is exploring for nickel, niobium and tantalum, and three gold properties in the Chapais-Chibougamau area of Quebec: New Mosher, JMW and Maxwell. All properties are 100% owned by Gitennes except for New Mosher which is under an option agreement whereby Gitennes can earn an initial 70% and has the right to increase its ownership to 85%.
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.sedarplus.ca.
Gitennes Exploration Inc.
Jordan Potts
Interim CEO, Director
For further information, please contact:
(250) 317-4552
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.
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