Gitennes Announces Closing of Debt Settlements

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[{"type":"text","content":"Gitennes Announces Closing of Debt Settlements\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n Vancouver, B.C. –\n \n\n TheNewswire -\n \n\n August 28, 2024 - Gitennes Exploration Inc.\n \n\n (\"\n \n\n Gitennes\n \n\n \" or the\n\"\n \n\n Company\n \n\n \") -\n(TSXV – GIT) announces that further to its news release dated August\n \n\n 12, 2024 it has received TSX Venture Exchange\nacceptance for filing, and has closed, the previously announced shares\nfor debt transaction (the \"Debt Settlements\")\n \n\n with senior officers of the Company (the\n\"Creditors\"),\n \n\n whereby the Company\nissued an aggregate of 1,650,000 common shares in the capital of the\nCompany (each, a \"Settlement Share\"), at a deemed price of\n$0.05 per Settlement Share, in consideration for the settlement of an\naggregate of $82,500 in accrued liabilities owing to the\nCreditors.\n \n\n\n\n The Creditors are companies controlled by insiders of\nthe Company, and accordingly, the issuance of the Settlement Shares in\nconnection with the Debt Settlements is considered a \"related\nparty transaction\" pursuant to Multilateral Instrument 61-101 –\n \n\n Protection of Minority\nSecurity Holders in Special Transactions\n \n\n (\"MI 61-101\").  The Company relied on Sections 5.5(a) and\n5.7(1)(a) of MI 61-101 for an exemption from the formal valuation and\nminority shareholder approval requirements, respectively, of MI\n61-101, as, neither the fair market value of the subject matter of,\nnor the fair market value of the Settlement Shares to be issued\npursuant to the Debt Settlements exceed 25% of the Company's market\ncapitalization.\n \n\n\n\n The Creditors have agreed that all securities issued\npursuant to the Debt Settlements will have a twelve month hold period\nfrom the date of issuance.\n \n\n\n\n Early Warning Disclosure – K.\nBooth\n \n\n\n\n Ken Booth makes the following announcement in\naccordance with National Instrument 62-103\n \n\n The Early Warning System and Related\nTake-Over Bid and Insider Reporting Issues\n \n\n and\nNational Instrument 62-104\n \n\n Take-Over Bids and Issuer Bids\n \n\n .\n \n\n\n\n Pursuant to the closing of the Debt Settlements, the\nCompany issued to Mr. Booth, through Highwood Advisory Services Inc.,\nand Mr. Booth acquired from the Company, 750,000 common shares in the\ncapit...

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