Dec. 15, 2010 (Canada NewsWire Group) --
VANCOUVER, Dec. 15 /CNW/ - Gitennes Exploration Inc. (TSX-GIT) announces that it intends to complete a private placement of up to 4,000,000 units at a price of $0.07 per unit for gross proceeds of up to $280,000. Each unit will be comprised of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share at a price of $0.10 during the 12month period after closing, then at a price of $0.20 until expiry at the end of 18 months from closing. The private placement is available to accredited investors, and is subject to regulatory approval. Insiders of the Company may subscribe for up to 20% of the units offered. The securities issued in this placement will be subject to a fourmonth hold period.
The net proceeds of the private placement will be used for financing exploration and development activities and for general corporate purposes. The Company may pay finder's fees in connection with the placement.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Jerry Blackwell, President
Suite 2390 - 1055 West Hastings Street, Box 60, Vancouver, B.C. V6E 2E9 Tel: 604-682-7970
Fax: 604-608-9014 email: [email protected] website: www.gitennes.com