Business
Gitennes' placement closed - drilling resumes
Gitennes' placement closed - drilling resumes.
About this update from Rev Exploration Corp.
[{"type":"text","content":"\n\n\n\n\nVANCOUVER, Dec. 5 /CNW/ - Gitennes Exploration Inc. (TSX-GIT) announces\nthat the private placement originally announced on November 1, 2005 closed on\nDecember 2, 2005. A total of 2,500,000 units were issued at a subscription\nprice of $0.40 per unit for gross proceeds of $1,000,000. Each unit is\ncomprised of one common share and one common share purchase warrant. Each\nwhole warrant entitles the holder to purchase one common share at a price of\n$0.50 until June 4, 2007. The warrant expiry date may be shortened if the\ndaily closing price of the Company's shares exceeds $1.10 for twenty\nconsecutive business days. Insiders subscribed for 9% of the placement. All\nsecurities issued in this placement are subject to a four month hold period.\nThe placement was completed with the assistance of several brokerage\nfirms. The Company intends to pay cash commissions totaling $45,468.00 and\nissued 123,000 broker warrants as finder fees and/or commissions in connection\nwith the offering. The terms of the broker warrants are the same as the\nwarrants included in the private placement units.\nA second phase of core drilling has begun at the Tucumachay Project. Up\nto 2,000 metres of drilling is planned for December and January on the La\nNariz, Encantada and Cerro Oeste-Greg targets. This work follows upon an\nearlier phase of trenching and 1,984 metres of drilling in 19 holes (for\ndetailed results refer to news releases dated November 17 and October 12,\n2005). Located in central Peru, the Tucumachay property is held under option\nfrom Inmet Mining Corporation.\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\n The Toronto Stock Exchange has neither approved nor disapproved\n the information herein.\n\n\n","length":1930,"tagName":"div"}]