Gitennes Announces Debt Settlements

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[{"type":"text","content":"Gitennes Announces Debt Settlements\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n Vancouver\n \n\n , B.C., -\n \n\n TheNewswire -\n \n\n August 12,\n2024\n \n\n :\n \n\n Gitennes\n \n\n Exploration Inc. (\"\n \n\n Gitennes\n \n\n \" or the\n\"\n \n\n Company\n \n\n \") -\n \n\n (TSXV – GIT) announces that it has entered\ninto debt settlement agreements with senior officers of the Company\n(the \"Creditors\")\n \n\n whereby, subject to\nacceptance for filing by the TSX Venture Exchange, the Company will\nissue 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 Creditors in\nrespect of management fees (the \"Debt Settlements\").  The\nCompany proposed the Debt Settlements to assist it with preserving its\ncash for working capital.\n \n\n\n\n The Creditors are insiders of the Company, and\naccordingly, the issuance of the Settlement Shares in connection with\nthe Debt Settlements is considered a \"related party\ntransaction\" 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 All securities to be issued pursuant to the Debt\nSettlements will be subject to a four month and one day statutory hold\nperiod from the date of issuance.  The Debt Settlements are subject\nto all necessary regulatory approvals, including acceptance for filing\nby the TSX Venture Exchange.\n \n\n\n\n About Gitennes Exploration\nInc.\n \n\n\n\n Gitennes is in the business of exploring for and\nadvancing mineral properties.  The Company currently has two\nproperties in the Sept Iles region of Quebec where the Company is\nexploring for nickel, niobium and tantalum and three gold properties\nin the Chapais-Chibougamau area of Quebec...

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