Gee-Ten Ventures Inc.

Gee-Ten Ventures Inc.

February 16, 2011 09:27 ET

Gee-Ten Ventures Completes First Tranche of Units Offering

MONTREAL, QUEBEC--(Marketwire - Feb. 16, 2011) - Gee-Ten Ventures Inc. ("Gee-Ten")(TSX VENTURE:GTV):

Further to its press release of December 29, 2010, Gee-Ten is pleased to announce the completion of a first tranche of its non-brokered private placement (the "Offering") pursuant to which a total of 2,855,000 Units at a purchase price of $0.40 per Unit have been issued for total gross proceeds of $1,142,000 (the "First Tranche").

The Units consist of one common share of Gee-Ten at a price of $0.40 per share and one-half of one share purchase warrant. Each whole warrant will entitle the holder to acquire one additional common share of the capital stock of Gee-Ten at an exercise price of $0.75 per share at any time on or before the date that is 24 months from the date of issuance of the warrant.

The Corporation paid an aggregate of $75,740 in cash and issued 270,500 non-transferable finder's options as finder's fee on the First Tranche, each finder's option will entitle the holder to acquire one Unit at a price of $0.40 per unit at any time on or before the date that is 24 months from the date of issuance of the finder's option.

Directors and officers of the Corporation as well as members of the pro group have participated in the First Tranche and subscribed for an aggregate of 500,000 Units.

All securities issued in the course of the Offerings will be subject to a hold period of four months and one day ending June 16, 2011.

The Offering is subject to final approval by the TSX Venture Exchange.

About Gee-Ten Ventures Inc.

Gee-Ten is a junior Canadian exploration company, quoted for trading on tier 2 of the TSXV under the symbol GTV. Gee-Ten has 6,954,784 common shares issued and outstanding.

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 the 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. Steve Saviuk