Press Release - Additional PP - Non-Brokered for $300K 2020-09-15 10:50 ET - News Release
Mr. Ken Booth reports
GITENNES CLOSES NON-BROKERED PRIVATE PLACEMENT FOR GROSS PROCEEDS OF $300,000 WITH A LEAD ORDER FROM PALISADES GOLDCORP AND CLOSES AGREEMENTS TO ACQUIRE QUEBEC PROPERTIES
Gitennes Exploration Inc. has closed a $300,000 non-brokered private placement, with a lead order from Palisades Goldcorp Ltd., and has closed the previously announced acquisition of three gold properties in Quebec.
Private Placement
The Private Placement was for 2,500,000 units (each, a "Unit") at a purchase price of $0.12 per Unit, for aggregate gross proceeds of $300,000. Each Unit consisted of one (1) common share of the Company (each, a "Common Share") and one (1) non-transferable Common Share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder to acquire one (1) Common Share of the Company at an exercise price of $0.18 per Common Share for a period of 36 months from the closing date of the Private Placement.
Net proceeds from the Private Placement are expected to be used to fund exploration and for general and administrative expenses.
All securities issued pursuant to the Private Placement are subject to a four month and one day hold period in Canada. The Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange and any applicable securities regulatory authorities.
Property Acquisition
Further to the Company' s news release dated June 29, 2020, Gitennes announces that it has closed two binding letters of intent to acquire up to an 85% interest in the RAL and New Mosher properties and a purchase agreement to acquire a 100% interest in the JMW property. The JMW and New Mosher properties are located near the past producing Joe Mann gold mine and the RAL property is located on the eastern boundary of Osisko Mining's Windfall Lake property.
Readers are cautioned that the Company has no interest in or right to acquire any interest in the Joe Mann mine or the Windfall Lake property, and that mineral deposits and production results from the Joe Mann mine and the Windfall Lake property are not indicative of mineral deposits on the Company ' s properties or any potential exploitation thereof.
About Gitennes Exploration Inc.
Gitennes is in the business of exploring for and advancing mineral properties with a focus on high grade gold. The Company currently has the high grade gold Snowbird exploration property in British Columbia, three gold properties in Quebec, JMW, New Mosher and RAL, and a 1.5-per-cent net smelter return royalty on the 18 million ounce Urumalqui Silver Project in Peru.
About Palisades Goldcorp Ltd.
Palisades Goldcorp is Canada's newest resource focused merchant bank. Palisades' management team has a demonstrated track record of making money and is backed by many of the industry's most notable financiers. With junior resource equities valued at generational lows, management believes the sector is on the cusp of a major bull market move. Palisades is positioning itself with significant stakes in undervalued companies and assets with the goal of generating superior returns.