VANCOUVER, June 16 /CNW/ - Gitennes Exploration Inc (TSXV-GIT) advises that it has completed the private placement announced March 19, 2010. The Company has issued an aggregate of 2,300,000 units at a price of $0.07 per unit for gross proceeds of $163,100. Each unit consists of one common share and one share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of $0.12 per share for a period of 12 months. The placement was completed in two tranches: 1,750,000 units were issued on April 19, 2010, and 580,000 units were issued on June 15, 2010. The securities issued pursuant to the placement are subject to a four month hold period. Insiders of the Company subscribed for an aggregate of 730,000 units.
The proceeds of this private placement will be used for general working capital and project generation. The Company has decided to broaden its focus on project acquisition, starting in Canada, and does not expect to acquire new properties in Peru.
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.
For further information: For further information: Jerry Blackwell, President, Suite 2390 - 1055 West Hastings Street, Box 60, Vancouver, B.C. V6E 2E9, Tel: 604-682-7970, Fax: 604-608-9014, email: email@example.com, website: www.gitennes.com