Gitennes Receives TSX Venture Approval for the Acquisition of the Sept Iles Nickel and Rare Earth Element Properties, Quebec

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[{"type":"text","content":"Gitennes Receives TSX Venture Approval for the Acquisition of the Sept Iles Nickel and Rare Earth Element Properties, Quebec\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 , BC -\n \n \n TheNewswire -\n \n \n June 15, 2023\n \n \n -\n \n \n Gitennes\n \n \n Exploration Inc.\n(\"\n \n \n Gitennes\n \n \n \" or the \"\n \n \n Company\n \n \n \") –\n \n \n (TSXV:GIT)\n \n \n announces\nthat further to its news release dated May 24, 2023 it has received\nTSX Venture Exchange (“TSX Venture”) approval for the proposed\nacquisition of a 100% undivided interest in the Sept Iles Nickel and\nRare Earth Element properties located in the Sept Iles region,\nQuebec\n \n \n .\n \n \n \n \n The Sept Iles Nickel property consists of 197\ncontiguous claims, previously reported in the May 24 news release as\n191 claims and the Rare Earth Property consists of 62 contiguous\nclaims\n \n \n (the “Properties”).\n \n \n The purchase of the Properties is subject to a purchase\nagreement dated May 23, 2023, between the Company and arm's length\nsellers (the \"Sellers\"). As consideration for acquiring a\n100% interest in the Properties, the Company will issue as\nconsideration to the Sellers: (i) an aggregate of 8,000,000 units\n(each a “Unit”). Each Unit is comprised of one common share (a\n“Consideration Share”) in the capital of Gitennes and one\nnon-transferable share purchase warrant (each a “Warrant”). Each\nWarrant entitles the Sellers to acquire one additional common share in\nthe capital of Gitennes at an exercise price of $0.15 for a period of\nthirty-six (36) months; and (ii) Gitennes has granted to two of the\nSellers an aggregate 2% net smelter return royalty (“NSR”) on the\nProperties with Gitennes being granted a buyback of 1% of the NSR at\nany time for C$1.0 million.  Gitennes has also granted to the same\ntwo Sellers a 0.5% NSR on any additional claims Gitennes acquires or\nstakes within an area of interest of the Sept Iles Nickel property.\nGitennes can purchase 50% of the 0.5% NSR at anytime for C$250,000.\n If Gitennes acquires any additional claims the acquisition may be\nsubject to a separate filing with the TSX Venture and require TSX\nVenture approval in accordance with the applicable TSX...

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