Gitennes Closes Flow-Through Private Placement

Vancouver, B.C. – TheNewswire – December 24, 2020 – Gitennes Exploration Inc. (“Gitennes” or the “Company”) (TSXV:GIT) announces that, further to its news release of December 22, 2020 the Company has closed its previously announced non-brokered private placement (the “Offering”) by issuing 3,175,000 flow-through units in the capital of the Company (each, a “FT Unit”) at a price of $0.10 per FT Unit for gross proceeds of $317,500.  Each FT Unit consists of one flow-through common share in the capital of the Company (each, a “FT Share”) and one-half of one non-flow-through common share purchase warrant (each, a “Warrant”) with each full Warrant entitling the holder thereof to acquire one additional non-flow-through common share in the capital of the Company at a price of $0.15 per share for a period of twenty four (24) months from the date of issuance.

In connection with the Offering, the Company paid aggregate finder’s fees consisting of $23,200 in cash and issued 232,000 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 $0.10 to $0.15 per share for a period of 12 to 24 months from the date of issuance.  

GloRes Securities Inc. received finder’s fees consisting of $10,800 cash and 108,000 Finder’s Warrants, Echelon Wealth Partners Inc. received finder’s fees consisting of $800 cash and 8,000 Finder’s Warrants, Roche Securities Ltd. received finder’s fees consisting of $8,000 cash and 80,000 Finder’s Warrants, and EMD Financial Inc. received finder’s fees consisting of $3,600 cash and 36,000 Finder’s Warrants.

The gross proceeds from the Offering are expected to be used to incur Canadian Exploration Expenses that are “flow-through mining expenditures” (as such terms are defined in the Income Tax Act (Canada)) on the Company’s Quebec projects located in the Chapais-Chibougamau area..

All securities issued pursuant to the Offering are subject to a four month and one day hold period in Canada.  The Offering 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.

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