Gitennes Closes Final Tranche of Upsized Non-Brokered Private Placement for Gross Proceeds of $1.39 Million
LC243962-1Suite 410 –325 Howe Street, B.C. V6C 1 Z7 Tel: 604-682-7970
email: [email protected] website: www.gitennes.com
Gitennes Closes Final Tranche of Upsized Non-Brokered
Private Placement for Gross Proceeds of $1.39 Million
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 10, 2020: Gitennes Exploration Inc. ("Gitennes" or the "Company") -
(TSXV – GIT) announce s that, further to its news releases of June 29, 2020 and
August 6, 2020, the Company has closed the second and final tranche (the "Second Tranche")
of its previously announced non-brokered private placement (the "Private Placement").
Under the Second Tranche, the Company raised an additional $668,690 through the sale of
3,300,000 units at the price of $0.08 per unit (each, a "Unit"), and 3,679,000 flow-through units
at the price of $0.11 per unit (each, a "Flow-Through Unit"). Together with the first tranche, the
Company raised aggregate gross proceeds of $1,395,600 through the sale of 9,387,500 Units
and 5,860,000 Flow-Through Units under the Private Placement.
Each Unit consisted 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 consisted 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.
In connection with the Private Placement, the Company paid aggregate finder's fees consisting
of $79,808 in cash and issued 851,800 non-transferrable finder's warrants (each, a "Finder's
Warrant"). Each Finder’s Warrant entitles the holder thereof to purchase one common share in
the capital of the Company at prices ranging from $0.08 to $0.11 per share for a period of
24 months from the date of issuance.
Raymond James Ltd. received finder’s fees consisting of $12,152 cash and 143,200 Finder’s
Warrants, Echelon Wealth Partners received finder’s fees consisting of $30,640 cash and
350,280 Finder’s Warrants, Leede Jones Gable Inc. received finder’s fees consisting of $10,240
cash and 104,000 Finder’s Warrants, Mackie Research Capital Corporation received finder’s
fees consisting of $640 and 8,000 Finder’s Warrants and EMD Financial Inc. received finder’s
fees consisting of $26,135.20 and 246,320 Finder’s Warrants.
Net proceeds from the Private Placement are expected to be used to fund exploration and for
general and administrative expenses. All securities issued pursuant to the Private Placement
are subject to a four month and one day hold period in Canada.
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 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.
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LC243962-1
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 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 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 expected use of proceeds of the Private Placement, the Company's
expectation that will be successful i n 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 such 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", "anticipa tes", "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 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 p ermits, 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 fro m 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; 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
risks; environmental issues and liabili ties; 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 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.