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Gitennes to Conduct Non-Brokered Private Placement on Revised Terms to Finance Phase III Diamond Drilling of the Snowbird High Grade Gold Project
(via TheNewswire) Vancouver, British Columbia - TheNewswire - July 30 , 2...
About this update from Rev Exploration Corp.
[{"type":"text","content":"Gitennes to Conduct Non-Brokered Private Placement on Revised Terms to Finance Phase III Diamond Drilling of the Snowbird High Grade Gold Project(via TheNewswire)\n \n \nVancouver, British Columbia - TheNewswire - July 30, 2019 - Gitennes Exploration Inc. (\"Gitennes\" or the \"Company\") - (TSXV:GIT) announces that further to its news release dated July 8 it is amending the terms of the non-brokered private placement which will be used to primarily finance a Phase III diamond drill programme of the Snowbrid High Grade Gold Project. The financing will consist of up to 10 million non-flow through units for gross proceeds of up to $350,000 and up to 18.6 million flow-through units for gross proceeds of up to $650,000. \n\n \n \nThe non-flow through units are priced at 3.5 cents and consists of one common share and one full common share purchase warrant. Each full warrant entitles the holder to purchase one common share of Gitennes at five cents for three years. The flow through units are priced at 3.5 cents and consist of one common share and one full common share purchase warrant. Each full warrant entitles the holder to purchase one common share of Gitennes at five cents in year one and six cents in year two. \n\n \n \nGross proceeds from the financing will mainly be used for exploration on the Company's two properties located in northern, BC. Snowbird High Grade Gold Property Phase III, 4,400 metre diamond drilling program - $770,000; Maroon Gold Project surface work including MAG and VLF, mapping and soil sampling - $112,500; rent - $10,800; office - $6,000; legal, audit and accounting - $18,000; offering expenses and finder`s fees - $47,000; regulatory filing fees - $8,000; and working capital - $27,700.\n\n \n \nThe Company contemplates that various exemptions will be utilized pursuant to this financing. It may rely upon the suitability advice exemption (B.C. Instrument 45-536) as well as the existing shareholder exemption (CSA notice 45-313) which allows for an investment of up to $15,000 (from a non-accredited investor) within any 12-month period. There is no material fact or material change that has not been generally disclosed. \n\n \n \nFinder's Fees are payable on the private placement. The completion of the private placement and payment of any commission and fees remains subject to the receipt of all necessary approva...