Gitennes Announces Non-Brokered Private Placement and Closing of First Tranche
LC087870-2 Suite 1010 – 789 West Pender Street, B.C. V6C 1H2 Tel: 604-682-7970
email: [email protected] website: www.gitennes.com
Gitennes Announces Non-Brokered Private Placement and Closing of First
Tranche
Vancouver, B.C., - 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 in vestors 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 fin der'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.
LC087870-2
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.
Gitennes Exploration Inc.
Ken Booth
President
For further information, please contact:
Ken Booth
Phone: 604-682-7970
Email: [email protected]
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 statement s 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 identifi ed 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 disp utes and other risks of the mining industry, delays in
obtaining governmental and regulato ry 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 uncertain ties 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.