Giyani Gold’s Diversification Plans on the Backburner

Giyani Gold Corp. (TSXV:WDG,JSE:GIY) announced that as a definitive agreement wasn’t entered into by December 31, 2014, its binding letter of intent with shareholders of Horizon Enerji AS and Sumo Coal (Pty) Ltd. has expired.

The company has also rescinded Bertan Atalay’s appointment as interim president of Giyani.

Duane Parnham, executive chairman of Giyani, commented:

Although we are disappointed that current market conditions and timing constraints prevented a definitive agreement from being signed before year-end, concluding a deal with the shareholders of Horizon and Sumo remains a possibility. Giyani remains committed to the strategy of strengthening the company by means of concluding a strategic acquisition, and our corporate structure and global listings provide Giyani with the flexibility to be successful in this strategy.

Click here to read the full Giyani Gold Corp. (TSXV:WDG,JSE:GIY) press release.