Gitennes to Consolidate its Common Shares

2024-07-08 / @thenewswire

(TheNewswire)

Vancouver, B.C. – TheNewswire - July 8, 2024 - Gitennes Exploration Inc. ("Gitennes" or the "Company") - (TSXV : GIT) announces a consolidation of its common shares (the "Consolidation") on the basis of one (1) post-Consolidation common share for every ten (10) pre-Consolidation common shares. As of the date of this news release, the Company has 68,547,122 common shares issued and outstanding and the Company expects that it will have approximately 6,854,712 common shares issued and outstanding on a post-Consolidation basis. The number of post-consolidated common shares to be received will be rounded up to the nearest whole number for fractions of 0.5 or greater or rounded down to the nearest whole number for fractions of less than 0.5, and each shareholder will hold the same percentage of common shares outstanding as such shareholder held immediately prior to the Consolidation.

Pursuant to the provisions of the Business Corporations Act (British Columbia) and the Articles of the Company, the Consolidation was approved by way of resolution passed by the board of directors of the Company.

The Consolidation is subject to TSX Venture Exchange (the "Exchange") approval. The Company anticipates that the consolidated shares will commence trading on a post-Consolidated basis on a date to be determined in consultation with the Exchange, which date will be announced in a subsequent news release once confirmed. The Company's name and trading symbol will remain unchanged.

Gitennes is undertaking the Consolidation to be in a better position to attract capital to advance its projects and to enter into potential property transactions.

About Gitennes Exploration Inc.

Gitennes is in the business of exploring for and advancing mineral properties. The Company currently has two properties in the Sept Iles region of Quebec where the Company is exploring for nickel, REE, niobium and tantalum and three gold properties in the Chapais-Chibougamau area of Quebec: New Mosher, JMW and Maxwell and a 1.5% Net Smelter Return royalty on the 18-million-ounce Urumalqui Silver Project in Peru. All properties are 100% owned by Gitennes except for New Mosher which is under option and Gitennes can earn an initial 70% and has the right to increase its ownership to 85%.

For further information on the Company, readers are referred to the Company’s website at www.gitennes.com and its Canadian regulatory filings on SEDAR+ at www.sedarplus.ca.

Gitennes Exploration Inc.

"Ken Booth"

Ken Booth
President

For further information, please contact: Ken Booth

Phone: 604-682-7970

Email: info@gitennes.com

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 news release.

Cautionary Note Regarding Forward-Looking Information

This news release includes certain statements that constitute "forward-looking information" within the meaning of applicable Canadian securities laws and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein, including, without limitation, statements concerning the Consolidation, the Company's expectation that it will be successful in enacting its business plans, and the future business, operations and financial performance and condition of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward-looking statements can be identified by words such as "will", "pro forma", "plans", "expects", "may", "should", "budget", "schedules", estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, the receipt of any necessary regulatory or corporate approvals in connection with the Consolidation, market fundamentals will result in sustained precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration and development of the Company's projects in a timely manner, the availability of financing on suitable terms for the exploration and development of the Company's projects and the Company's ability to comply with environmental, health and safety laws.

The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results could differ from those projected in any forward-looking statements due to numerous factors including risks and uncertainties relating to exploration and development and actual results of exploration activities; the ability of the Company to obtain additional financing; delays in obtaining governmental and regulatory approvals (including TSX Venture Exchange approval of the Consolidation), permits or financing; the fact that the Company's interests in certain of its mineral properties are only options and there is no guarantee that the interests, if earned, will be certain; financial condition and results of operations; the need to comply with environmental and governmental regulations; potential defects in title to the Company's properties; changes in general economic conditions; fluctuations in the prices of commodities and precious metals; operating hazards and risks; environmental issues and liabilities; risks related to joint venture operations; and competition and other risks and uncertainties of the mining industry. Readers should consider all of the information set forth herein and should review the Company’s periodic reports filed from time-to-time with Canadian securities regulators. These reports and the Company's filings are available on the Company's SEDAR+ profile at www.sedarplus.ca.

Readers are cautioned not to place undue reliance on forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as otherwise required by law, the Company undertakes no obligation to update the forward-looking statements contained herein, or to update the reasons why actual results could differ from those projected in these forward-looking statements.

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