Mr. Ken Booth reports
GITENNES ANNOUNCES NON-BROKERED PRIVATE PLACEMENT
Gitennes Exploration Inc. has arranged a non-brokered private placement of up to: (i) 8.3 million common shares in the capital of the company at a price of five cents per hard-dollar share; (ii) two million flow-through common shares in the capital of the company at a price of five cents per FT share; and (iii) 1.7 million units at a price of five cents per unit, for aggregate gross proceeds of up to $600,000.
Each unit consists of one common share and one common share purchase warrant, with each warrant entitling the holder thereof to purchase one common share at an exercise price of 6.5 cents for a period of 24 months from the closing of the offering.
Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 --
Prospectus Exemptions, the units comprising part of the offering will be offered for sale to purchasers resident in Canada, except Quebec, pursuant to the listed issuer financing exemption under Part 5A.2 of NI 45-106. The securities issued pursuant to the LIFE exemption will not be subject to a hold period, in accordance with applicable Canadian securities laws.
There is an offering document related to the units being offered pursuant to the LIFE exemption that can be accessed under the issuer's profile on SEDAR+
and at
the company's website. Prospective investors should read this offering document before making an investment decision.
The net proceeds from the sale of the HD shares and the units are intended to be used for general and administrative expenses and working capital purposes. The gross proceeds from the sale of the FT shares are expected to be used to incur Canadian exploration expenses that will qualify as flow-through mining expenditures (as such terms are defined in the
Income Tax Act
(Canada)) in relation to the company's mineral projects. The offering is expected to close on or about Oct. 3, 2024, or such other date as may be determined by the company, and is subject to certain conditions, including, but not limited to, the receipt of all necessary corporate and regulatory approvals, including the approval of the TSX Venture Exchange and applicable securities regulatory authorities. The HD shares and the FT shares will be 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. The company currently has two properties in the Sept-Iles region of Quebec, where the company is exploring for nickel, niobium and tantalum, and three gold properties in the Chapais-Chibougamau area of Quebec: New Mosher, JMW and Maxwell. All properties are 100 per cent owned by Gitennes, except for New Mosher, which is under option and Gitennes can earn an initial 70 per cent and has the right to increase its ownership to 85 per cent.
We seek Safe Harbor.
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