Giyani Metals Corporation (TSX VENTURE:WDG)(FRANKFURT:KT9)(WKN:A2DUU8) (“Giyani” or the “Company”) announced that it is undertaking a non-brokered private placement pursuant to which the Company will issue units (the “Units”) at $0.275 per Unit with each Unit consising of one common share (a “Common Share”) and 1/2 common share purchase warrant (a “Warrant”) for aggregate gross proceeds of up to $2,000,000.
Each whole Warrant is exercisable into a Common Share (a “Warrant Share“) at an exercise price of $0.40 per Warrant Share for a period of 18 months. In the event that the closing price per Common Share is more than $0.60 per Common Share for more than 20 consecutive trading days, the Company shall be entitled to accelerate the Warrant Expiry Date to the date that is 30 days following the date on which the Company announces the accelerated Warrant Expiry Date by press release.
A maximum of 7,272,727 Units will be issued which can result in a total issuance of 10,909,090 Common Shares assuming full exercise of the Warrants.
While this is a non-brokered private placement, certain eligible finders may receive a finder’s fee of up to 7% cash and 7% in broker’s warrants on the same terms as the subscribers.
Giyani intends to use the funds received from the financing to advance the Kanye Manganese Project in Botswana including resource drilling, process engineering studies, additional metallurgical studies and for general corporate purposes.
Additional information and corporate documents may be found on www.sedar.com and on the Giyani website: http://giyanimetals.com/.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
On behalf of the Board of Directors of Giyani Metals Corp.
Robin Birchall, CEO
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, the financial picture of the Company etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.