VANCOUVER, Dec. 24 /CNW/ - Gitennes Exploration Inc (TSXVGIT) advises that it has completed the private placement announced December 15, 2010. The Company has issued an aggregate of 4,000,000 units at a price of $0.07 per unit for gross proceeds of $280,000. 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 $0.10 until December 23, 2011, then at a price of $0.20 until expiry on June 25, 2012. The securities issued pursuant to the placement are subject to a four month hold period. Insiders of the Company subscribed for 2% of the issue.
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 $9,080.40 in finder's fees in connection with the placement.
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.
For further information: For further information: Jerry Blackwell, President