VANCOUVER, Dec. 15 /CNW/ - Gitennes Exploration Inc. (TSX-GIT) announces that it intends to complete a private placement of up to
4,000,000 units at a price of $0.07 per unit for gross proceeds of up
to $280,000. Each unit will be comprised of one common share and one
common share purchase warrant. Each warrant will entitle the holder to
purchase one additional common share at a price of $0.10 during the
12month period after closing, then at a price of $0.20 until expiry at
the end of 18 months from closing. The private placement is available
to accredited investors, and is subject to regulatory approval.
Insiders of the Company may subscribe for up to 20% of the units
offered. The securities issued in this placement will be subject to a
fourmonth hold period.
The net proceeds of the private placement will be used for financing
exploration and development activities and for general corporate
purposes. The Company may pay finder's fees in connection with the
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