Company conducts offering to secure an interest in a mining property
By Devika Patel
Knoxville, Tenn., Feb. 16 - Gee-Ten Ventures Inc. said it settled the initial tranche of a non-brokered private placement of units. The offering priced for C$4 million on Dec. 29 and the company took in C$1.14 million in this tranche.
The company is selling 10 million units of one common share and one half-share warrant at C$0.40 per unit. It sold 2,855,000 units in this tranche.
Each whole warrant is exercisable at C$0.75 for 24 months. The strike price represents an 87.5% premium to C$0.40, the Dec. 28 closing share price.
Proceeds will be used to secure an interest in a mining property of merit. Gee-Ten has identified interesting targets.
Gee-Ten is a resource company based in Laval, Quebec.
| Issuer: | Gee-Ten Ventures Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$4 million
|
| Units: | 10 million
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 24 months
|
| Warrant strike price: | C$0.75
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 29
|
| Settlement date: | Feb. 16 (for C$1,142,000)
|
| Stock symbol: | TSX Venture: GTV
|
| Stock price: | C$0.40 at close Dec. 28
|
| Market capitalization: | C$2.17 million
|
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