Gitennes Announces Upsizing of Private Placement Closes First Tranche of Private Placement
LC243357-1Suite 410 –325 Howe Street, B.C. V6C 1Z7 Tel: 604-682-7970
email: [email protected] website: www.gitennes.com
Gitennes Announces Upsizing of Private Placement
Closes First Tranche of Private Placement
Not for distribution to United States newswire services or for release, publication, distribution or dissemination
directly, or indirectly, in whole or in part, in or into the United States.
Vancouver, B.C., - August 6, 2020: Gitennes Exploration Inc. ("Gitennes" or the " Company") -
(TSXV – GIT) announces that it has increased its previously announced non-brokered private
placement (the "Private Placement") to accommodate investor demand and has closed an initial
tranche of the Private Placement (see news release dated June 29, 2020).
The upsized Private Placement has been increased to raise aggregate gross proceeds of up to
$1,398,760 through the sale of up to 9,387,500 units at the price of $0.08 per unit
(each, a "Unit"), and up to 5,888,727 flow-through units at the price of $0.11 per unit
(each, a "Flow-Through Unit").
Each Unit is comprised of one common share of the Company (each, a "Common Share") and
one common share purchase warrant with each warrant entitling the holder to acquire one
additional common share at a price of $0.15 per share for a period of twenty four (24) months
from the date of issuance. Each Flow-Through Unit is comprised of one flow-through Common
Share and one-half of one non-flow-through common share purchase warrant with each full
warrant entitling the holder to acquire one additional non-flow-through Common Share at a price
of $0.20 per share for a period of twenty four (24) months from the date of issuance.
The initial tranche of the Private Placement was comprised of 6,087,500 Units and
2,181,000 Flow-Through Units for aggregate gross proceeds of $726,910, a portion of which
closed in escrow. The final tranche of the Private Placement is expected to close on or before
August 10, 2020.
The Company may pay a finder's fee on all or a portion of the Private Placement consisting of a
cash commission equal to 8% of the gross proceeds raised by each finder and finder's warrants
equal to 8% of the corresponding number of Units and Flow-Through Units issued. Net
proceeds from the Private Placement are expected to be used to fund exploration and for
general and administrative expenses.
The Private Placement is subject to certain conditions including, but not limited to, the receipt of
all necessary approvals including the approval of the TSX Venture Exchange and any
applicable securities regulatory authorities. All securities issued in connection with the Private
Placement will be subject to a four-month and one day hold period in Canada.
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 jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities laws of any such
jurisdiction. This news release does not constitute an offer of securities for sale in the United
States. The securities being offered have not been, nor will they be, registered under the United
States Securities Act of 1933, as amended, and such securities may not be offered or sold
within the United States absent registration under U.S. federal and state securities laws or an
applicable exemption from such U.S. registration requirement.
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About Gitennes Exploration Inc.
Gitennes is in the business of exploring for and advancing mineral properties with a focus on
high grade gold. The Company currently has the high grade gold Snowbird exploration property
in British Columbia, a 1.5% Net Smelter Return royalty on the 18 million ounce Urumalqui Silver
Project in Peru and recently announced agreements to acquire three gold properties in Quebec.
For further inf ormation 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”
Ken Booth
President
For further information, please contact: Ken Booth
Phone: 604-682-7970
Email: [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the poli cies 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 and U.S. securities legislation, including the United States Private Securities
Litigation Reform Act of 1995 . All statements, other than statements of historical fact, includ ed herein, including,
without limitation, statements concerning, the completion of the Consolidation, the amount and completion of the
Private Placement, the expected use of proceeds of the Private Placement, the Company's expectation that will be
successful in enacting its business plans, and the future business, operations and financial performance and
condition of the Company, are forward-looking statements. Although the Company believes that such statements are
reasonable, it can give no assurance that s uch expectations will prove to be correct. Often, but not always, forward -
looking statements can be identified by words such as "will", "pro forma", "plans", "expects", "may", "should",
"budget", "schedules", estimates", "forecasts", "intends", "anticipat es", "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. In making the forward -looking statements in this news
release, the Company has applied several material assumptions, including without limitation, the receipt of any
necessary regulatory or corporate approvals in connection with the Private Placement, that investor interest will be
sufficient to close the Private Placement , that there will be investor interest in future financings, that the COVID-19
global pandemic will not affect the ability of the Company to conduct its anticipated business plans, market
fundamentals will result in sustained precious metals demand and prices, the receipt of any necessary permits,
licenses and regulatory approvals in connection with the future exploration and development of the Company's
projects in a timely manner, the availability of financing on suitable terms for the exploration and development of the
Company's projects and the Company's ability to comply with environmental, health and safety laws.
The Company cautions investors that any forward -looking statements by the Company are not guarantees of future
results or performance, and that a ctual results could differ from those projected in any forward -looking statements
due to numerous factors including risks and uncertainties relating to exploration and develop ment and actual results
of exploration activities ; the ability of the Company to obtain additional financing; delays in obtaining governmental
and regulatory approvals (including TSX Venture Exchange approval of the Private Placement), permits or financing;
the fact that the Company's interests in certain of its mineral properties are only options and there is no guarantee
that the interests, if earned, will be certain; risks relating to epidemics or pandemics such as COVID–19, including the
impact of COVID –19 on the Company's business, financial condition and results of operations ; the need to comply
with environmental and governmental regulations; potential defects in title to the Company's properties; changes in
general economic conditions ; fluctuations in the prices of commodities and precious metals ; operating hazards and
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risks; environmental issues and liabilities; risks related to joint venture operations; and competition and other risks
and uncertainties of the mining industry . 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 on the Company's SEDAR profile 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 und ertakes 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.