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The Creditors are insiders of the Company, and accordingly, the issuance of theSettlement Sharesin connection with the Debt Settlements is considered a "related party transaction" pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company relied on Sections 5.5(a) and 5.7(1)(a) of MI 61-101 for an exemption from the formal valuation and minority shareholder approval requirements, respectively, of MI 61-101, as, neither the fair market value of the subject matter of, nor the fair market value of the Settlement Shares to be issued pursuant to the Debt Settlements exceed 25% of the Company's market capitalization.
All securities to be issued pursuant to the Debt Settlements will be subject to a four month and one day statutory hold period from the date of issuance. The Debt Settlements are subject to all necessary regulatory approvals, including from the
About
Gitennes is in the business of exploring for and advancing mineral properties with a focus on high gradeor large tonnagegolddeposits. The Company currently has four properties in
For further information on the Company, readers are referred to the Company’s website atwww.gitennes.comand its Canadian regulatory filings on SEDAR atwww.sedar.com.
"Ken Booth"
President
For further information, please contact:
Phone: 604-682-7970
Email: info@gitennes.com
Neither the
Cautionary Note Regarding Forward-Looking Information
This news release includes certain forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, the issuance of the Settlement Shares in connection with the Debt Settlements, the anticipated business plans and timing of future activities 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 information can be identified by words such as "pro forma", "plans", "expects", "will", "may", "should", "budget", "scheduled", "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. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, statements as to the anticipated business plans and timing of future activities of the Company, including the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the
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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Copyright (c) 2021 TheNewswire - All rights reserved., source