VANCOUVER, April 21 /CNW/ - Gitennes Exploration Inc. (TSXV: GIT) is
providing the following update of corporate activities:
Investor Relations: Gitennes Exploration Inc. (TSXV-GIT) (the "Company") is pleased to
announce the engagement of MarketSmart Communications Inc. as an
investor relations consultant. MarketSmart will develop and execute a
comprehensive marketing and investor communications plan to help raise
awareness of the Company.
MarketSmart Communications Inc. is a Vancouver-based marketing and
communication firm that will introduce Gitennes Exploration Inc. to
their investor network, national brokerage firms, provide shareholder
and investor communication services and arrange media, advertising and
other public relations programs.
"We are very excited about Gitennes Explorations Inc. We look forward to
the opportunity to introduce our network of investors to a company that
is currently exploring gold, silver and rare metal prospects in Canada
and Peru, and to a management team with a proven track record" said
Maria Da Silva, President of MarketSmart Communications Inc.
MarketSmart will receive $5,000 per month for a twelve-month contract
period and 300,000 stock options, pursuant to the Company's stock
option plan, at a price of $0.20. The options will vest quarterly over
a 12-month period in accordance with TSX Venture policies.
Private Placement Closes: The Company advises that it has closed the private placement announced
March 9, 2011. The Company has issued an aggregate of 1,090,000 units
at a price of $0.15 per unit for gross proceeds of $163,500. Each unit
consists of one common share and one share purchase warrant. Each
warrant entitles the holder to purchase one additional common share at
a price of $0.18 until April 20, 2012, then at a price of $0.25 until
expiry on October 22, 2012. The securities issued pursuant to the
placement are subject to a four month hold period. The private
placement was made entirely to arm's length subscribers.
The net proceeds of the private placement will be used for financing
exploration and development activities, and for general corporate
purposes. The Company paid a total of $4,320.00 in finder's fees in
connection with the placement.
Grant of Options: The Company announces that it has granted an aggregate of 1,750,000
incentive stock options with an exercise price of $0.20 per share to
directors, officers and consultants of the Corporation. 300,000 of the
options were granted to MarketSmart, as described above. The options
are being granted pursuant to the Company's stock option plan, and are
for a five year term. The stock option grant is subject to acceptance
by the TSX Venture Exchange.
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 release.
SOURCE Gitennes Exploration Inc.
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