Gee-Ten Ventures Inc.

Gee-Ten Ventures Inc.

December 07, 2010 10:35 ET

Gee-Ten Ventures Announces Termination of a Letter of Intent, Appointment to the Board, Increase of Stock Option Plan and Grant of Options

MONTREAL, QUEBEC--(Marketwire - Dec. 7, 2010) - Gee-Ten Ventures Inc. ("Gee-Ten")(TSX VENTURE:GTV): Further to Gee-Ten's news release dated June 22, 2010 announcing the signing of a Letter of Intent (the "LOI") with Cabia Goldhills Inc. ("Cabia") for the planned acquisition of all the issued and outstanding shares of Cabia (the "Business Combination"), the parties have mutually agreed to terminate the LOI at this time but will maintain open lines of communication regarding Cabia's projects in Colombia.

Gee-Ten has indicated that it will participate in open discussions with Cabia to pursue a business combination on other mutually satisfactory terms, and may also pursue alternate financing or business arrangements or solutions with other independent third parties.

In announcing the termination of the proposed Business Combination Marc Labrecque, President of Gee-Ten stated, "We regret that a formal agreement with Cabia could not be concluded on mutually satisfactory terms. Gee-Ten will continue to execute its strategy and intends to seek flow-through funds to finance a new exploration phase on its Quebec properties."

Trading of Gee-Ten's common shares had been halted by the TSX Venture Exchange ("TSXV") since the announcement of the proposed Business Combination and is expected to resume on or about December 9, 2010.

Appointment to the Board

Gee-Ten is pleased to announce that Steve Saviuk has been recently appointed to its Board of Directors.

Mr. Saviuk is a Chartered Accountant with extensive experience in the investment industry and has worked closely with companies throughout his career in strategic planning, financing and management. He has been the President of Manitex Capital Inc. since 1995 and also serves as its Chief Executive Officer and Chairman. Mr. Saviuk also serves as Chief Executive Officer and Chairman of Intasys, Chief Executive Officer and Chairman of Copernic Inc., Chairman of Chevalier Resources Inc. and as Director of Tece Inc., Pinetree Capital Corp., Pinetree Capital Ltd. and NSI Global Inc.

The Board of Directors of Gee-Ten is now comprised of Marc Labrecque, Pierre Barnard, Steve Saviuk, Florent Baril, Ricky Baril and Jean Rainville. Mr. Saviuk's appointment remains subject to the approval of the TSXV.

Grant of Options

Gee-Ten also announces that it has granted 360,000 incentive stock options to directors, pursuant to its Stock Option Plan. All of the stock options are exercisable at a price of $0.25 per share for a period of five years from December 3, 2010 and are subject to approval of the TSXV.

Increase of Stock Option Plan

Gee-Ten also announces that, subject to the TSXV's approval and disinterested shareholders' approval, it has increased the number of common shares reserved under its stock option plan from 400,000 to 1,000,000.

About Gee-Ten Ventures Inc.

Gee-Ten is a junior Canadian exploration company, quoted for trading on tier 2 of the TSX Venture Exchange under the symbol GTV. The company's activities are focused exclusively on its mineral properties in the Chazel and Clermont Township (the "Property"). Gee-Ten holds a 100% interest in the Property.

Gee-Ten has approximately 4,100,000 common shares issued and outstanding.

Gee-Ten's next annual shareholders' meeting is scheduled to be held on December 22, 2010, at the offices of Gee-Ten's legal counsel, Langlois Kronström Desjardins LLP.

Reader Advisory

This Press Release contains certain forward-looking information and statements with the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "confident", "might", "proposed" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this Press Release contains forward-looking information and statements pertaining to the completion of the private placement of securities and other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results or performance. Gee-Ten's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so what benefits Gee-Ten will derive there from. Gee-Ten disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities laws.

The securities proposed to be issued have not been registered under the U.S. Securities Act of 1933 as amended or any state securities laws, and may not be offered or sold in the United States absent registration or an exemption from the registration requirements. This Press Release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Gee-Ten Ventures Inc.
    Mr. Marc Labrecque