Gitennes Announces Upsizing of Private Placement Closes First Tranche of Private Placement

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[{"type":"text","content":"Gitennes Announces Upsizing of Private Placement Closes First Tranche of Private Placement(via TheNewswire)\n \n \n\n\n \n \nVancouver, B.C. - TheNewswire - August 6, 2020: Gitennes Exploration Inc. (\"Gitennes\" or the \"Company\") - (TSXV:GIT) announces that it has increased its previously announced non-brokered private placement (the \"Private Placement\") to accommodate investor demand and has closed an initial tranche of the Private Placement (see news release dated June 29, 2020). \n\n \n \nThe upsized Private Placement has been increased to raise aggregate gross proceeds of up to $1,398,760 through the sale of up to 9,387,500 units at the price of $0.08 per unit (each, a \"Unit\"), and up to 5,888,727 flow-through units at the price of $0.11 per unit (each, a \"Flow-Through Unit\").\n\n \n \nEach Unit is comprised of one common share of the Company (each, a \"Common Share\") and one common share purchase warrant with each warrant entitling the holder to acquire one additional common share at a price of $0.15 per share for a period of twenty four (24) months from the date of issuance. Each Flow-Through Unit is comprised of one flow-through Common Share and one-half of one non-flow-through common share purchase warrant with each full warrant entitling the holder to acquire one additional non-flow-through Common Share at a price of $0.20 per share for a period of twenty four (24) months from the date of issuance. \n\n \n \nThe initial tranche of the Private Placement was comprised of 6,087,500 Units and 2,181,000 Flow-Through Units for aggregate gross proceeds of $726,910, a portion of which closed in escrow. The final tranche of the Private Placement is expected to close on or before August 10, 2020.\n\n \n \nThe Company may pay a finder's fee on all or a portion of the Private Placement consisting of a cash commission equal to 8% of the gross proceeds raised by each finder and finder's warrants equal to 8% of the corresponding number of Units and Flow-Through Units issued. Net proceeds from the Private Placement are expected to be used to fund exploration and for general and administrative expenses.\n\n \n \nThe 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 a...

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