Business
Gitennes Exploration - private placement closed
Gitennes Exploration - private placement closed.
About this update from Rev Exploration Corp.
[{"type":"text","content":"\n\n\n\n\nVANCOUVER, Sept. 1 /CNW/ - Gitennes Exploration Inc. (TSX-GIT) announces\nthat the private placement originally announced on August 11, 2006 has closed.\nA total of 4,250,000 units were issued at a price of Cdn$0.25 per unit, for\ngross proceeds of Cdn$1,062,500. Each unit is comprised of one common share\nand one common share purchase warrant. Each warrant entitles the holder to\npurchase one common share at a price of $0.30 for a period of 12 months after\nclosing. The warrant expiry date may be shortened if the daily closing price\nof the Company's shares exceeds $0.55 for 15 consecutive business days.\nInsiders subscribed for 7.8 % of the placement. All securities issued in this\nplacement are subject to a four month hold period.\nThe placement was completed with the assistance of a number of agencies\nand brokerage firms. The Company has paid cash commissions totaling $40,950.00\nand issued 273,000 broker warrants as finder fees and/or commissions in\nconnection with the offering. The terms of the broker warrants are the same as\nthe warrants included in the private placement units.\n\nGitennes Exploration Inc. is an established mineral exploration company\nwith properties in Peru. The Company is currently exploring a gold discovery\nat its Tucumachay Project. Recent drilling returned favourable results on a\nlarge, near-surface target that is open for expansion through step-out\ndrilling. Separate zones of carbonate-hosted zinc mineralization are also\npresent at Tucumachay, and on the adjacent wholly-owned Titimina property. In\naddition to Tucumachay and Titimina the Company owns the Urumalqui property, a\nlarge epithermal silver-gold vein system located in northern central Peru, and\nis evaluating several new copper prospects located in southern Peru.\nAdditional information about the Company is available at www.gitennes.com\nand in the regulatory filings available within the \"Company Profiles\" section\nat www.sedar.com.\n\nThe Toronto Stock Exchange has neither approved nor disapproved the\ninformation herein.\n\n\n","length":2109,"tagName":"div"}]