Vancouver, B.C. / TheNewswire / June 22, 2017 - Gitennes Exploration Inc. ("Gitennes" or the "Company") (TSXV - GIT) announces the closing of the first tranche of a non-brokered private placement previously announced May 31, 2017 (the "Private Placement").
The first tranche of the Private Placement raised aggregate gross proceeds of $447,860 through the issuance of 3,715,000 non-flow through units at $0.055 per unit (for gross proceeds of $204,325) and 3,746,693 flow-through units at $0.065 per unit (for gross proceeds of $243,535). All securities issued in the Private Placement have a hold period of four months expiring on October 22, 2017. Each unit consists of one common share and one non-flow through common share purchase warrant. Each warrant is exercisable for a period of 36 months from the closing of the first tranche of the Private Placement and has an exercise price of $0.085 for the non-flow through unit warrants and an exercise price of $0.10 for the flow-through unit warrants. The expiry date of the flow-through warrants and the non-flow through warrants will be accelerated if the closing price of the Company's common shares on the TSX Venture Exchange (the "TSX-V") is at least $0.15 for a minimum of 20 consecutive trading days during the term commencing after four months from the issuance of the warrants.
The Company will use the net proceeds from the Private Placement to fund exploration on its Canadian properties and for general corporate purposes. In addition, a total of $17,337 in cash and 281,640 warrants were paid in finder's fees.
The Company also announces that pursuant to its stock option plan, it intends to grant 850,000 incentive stock options to consultants and advisors, all of which options will vest at the time they are granted Each option is exercisable to purchase one common share of the Company at $0.05 for a term of five years.
About Gitennes Exploration Inc.
Gitennes is in the business of exploring for and advancing mineral deposits. The Company currently has two gold exploration properties, Hixon and Snowbird, both in British Columbia and a 1% Net Smelter Returns royalty on the 18 million ounce Urumalqui Silver Project in Peru.
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.
