Gitennes Closes Final Tranche of Upsized Non-Brokered Private Placement for Gross Proceeds of $1.39 Million

Vancouver, B.C. – TheNewswire – August 10, 2020 – Gitennes Exploration Inc. (“Gitennes” or the “Company”) (TSXV:GIT) announces 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.

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