VANCOUVER, Dec. 5 /CNW/ - Gitennes Exploration Inc. (TSX-GIT) announces
that the private placement originally announced on November 1, 2005 closed on
December 2, 2005. A total of 2,500,000 units were issued at a subscription
price of $0.40 per unit for gross proceeds of $1,000,000. Each unit is
comprised of one common share and one common share purchase warrant. Each
whole warrant entitles the holder to purchase one common share at a price of
$0.50 until June 4, 2007. The warrant expiry date may be shortened if the
daily closing price of the Company's shares exceeds $1.10 for twenty
consecutive business days. Insiders subscribed for 9% of the placement. All
securities issued in this placement are subject to a four month hold period.
The placement was completed with the assistance of several brokerage
firms. The Company intends to pay cash commissions totaling $45,468.00 and
issued 123,000 broker warrants as finder fees and/or commissions in connection
with the offering. The terms of the broker warrants are the same as the
warrants included in the private placement units.
A second phase of core drilling has begun at the Tucumachay Project. Up
to 2,000 metres of drilling is planned for December and January on the La
Nariz, Encantada and Cerro Oeste-Greg targets. This work follows upon an
earlier phase of trenching and 1,984 metres of drilling in 19 holes (for
detailed results refer to news releases dated November 17 and October 12,
2005). Located in central Peru, the Tucumachay property is held under option
from Inmet Mining Corporation.
Additional information about the Company is available at www.gitennes.com
and in the regulatory filings available within the "Company Profiles" section
at www.sedar.com.
The Toronto Stock Exchange has neither approved nor disapproved
the information herein.
Rev Exploration Corp. news
Investor announcements, newest first.