Giyani Metals Corp. (TSXV:EMM, GR:A2DUU8)
("
Giyani" or the "
Company") is
pleased to announce that the partly brokered private placement
financing (the "
Private Placement"), as initially
announced on September 4, 2020 and increased in size on September
11, 2020, has closed. The Private Placement was fully subscribed
and comprised of 9,600,000 units (each, a "
Unit")
at a price of $0.125 per Unit for gross proceeds of $1.2 million in
immediately available new funding.
Each Unit consists of one (1) common share
(each, a "Common Share") and one
half (½) of one Common Share purchase warrant. Each whole warrant
will entitle the holder to purchase one Common Share at an exercise
price of $0.20 per share until the date that is 18 months from the
date of issue.
In connection with the Private Placement, Giyani
also issued 358,320 finder's warrants which entitle the holders
thereof to purchase common shares for 18 months at a purchase price
per common share of $0.125.
The net proceeds from the Private Placement will
be used for working capital requirements and other general
corporate purposes.
Insiders and management of Giyani subscribed for
an aggregate of 2,347,668 Units or 24% of the Private Placement,
which subscriptions are considered related party transactions
within the meaning of TSX Venture Exchange (the
"TSXV") Policy 5.9 and Multilateral Instrument
61-101 Protection of Minority Security Holders in Special
Transactions ("MI 61-101"). The Company relied on
exemptions from the formal valuation and minority approval
requirements in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in
respect of the insider subscriptions.
The Private Placement is subject to the final
acceptance of the TSXV. All securities issued are subject to a
statutory four month and one day hold period, which will end on
January 19, 2021.
Robin Birchall, CEO of Giyani Metals
Corp. commented:
"I am delighted with the success of the Private
Placement. I believe we are at an inflection point in the awareness
of manganese in the battery electric vehicle market and expect
increasing exposure in the coming months. We are working hard
towards the completion of the feasibility study on our flagship
K.Hill project in Botswana, expected to be completed in H1 next
year. In the meantime, we continue to fine tune the preliminary
economic assessment, last released on 28 April 2020, to include our
most up to date assumptions and modified product mix, as announced
on 3 September 2020. We will update the market on this work in due
course."
About GiyaniGiyani Metals Corp.
is a mineral resource company focused on the development of its
K.Hill, Lobatse & Otse manganese oxide projects in the Kanye
Basin, Botswana, Africa. The Company's flagship K.Hill project is a
near-surface deposit currently going through a feasibility study to
produce high-purity electrolytic manganese metal and manganese
sulphate, both key cathode ingredients for batteries in the
expanding electric vehicle (EV) market.
Additional information and corporate documents
may be found on www.sedar.com and on Giyani Metals Corp. Website:
https://giyanimetals.com/.
On behalf of the Board of Directors of Giyani Metals Corp.
Robin Birchall, CEO
Contact:Robin Birchall CEO,
Director+44 7711 313019rbirchall@giyanimetals.com
Thomas HortonVP, Business Development+44 7866
913207thorton@giyanimetals.com
Neither the TSX Venture Exchange (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 news release.
The securities described herein have not been
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act"), or any state securities laws,
and accordingly, may not be offered or sold to, or for the account
or benefit of, persons in the United States or "U.S. persons," as
such term is defined in Regulation S promulgated under the U.S.
Securities Act ("U.S. Persons"), except in compliance with the
registration requirements of the U.S. Securities Act and applicable
state securities requirements or pursuant to exemptions therefrom.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any of the Company's securities to,
or for the account of benefit of, persons in the United States or
U.S. Persons.
Forward Looking Information
This press release contains "forward-looking
information" within the meaning of applicable Canadian securities
legislation. All statements in this news release, other than
statements of historical fact, that address events or developments
that Giyani expects to occur, are "forward-looking statements".
Forward-looking statements are statements that are not historical
facts and are generally, but not always, identified by the words
"expects", "does not expect", "plans", "anticipates", "does not
anticipate", "believes", "intends", "estimates", "projects",
"potential", "scheduled", "forecast", "budget" and similar
expressions, or that events or conditions "will", "would", "may",
"could", "should" or "might" occur. Specific forward-looking
statements and forward-looking information herein includes
statements regarding the completion of the feasibility study on the
K.Hill project in H1 2021 and an update on work related to the
preliminary economic assessment.
All such forward-looking statements are based on
the opinions and estimates of the relevant management as of the
date such statements are made and are subject to certain
assumptions, important risk factors and uncertainties, many of
which are beyond Giyani's ability to control or predict.
Forward-looking statements are necessarily based on estimates and
assumptions that are inherently subject to known and unknown risks,
uncertainties and other factors that may cause actual results,
level of activity, performance or achievements to be materially
different from those expressed or implied by such forward-looking
statements. In the case of Giyani, these facts include their
anticipated operations in future periods, planned exploration and
development of its properties, and plans related to its business
and other matters that may occur in the future. This information
relates to analyses and other information that is based on
expectations of future performance and planned work programs.
Forward-looking information is subject to a
variety of known and unknown risks, uncertainties and other factors
which could cause actual events or results to differ from those
expressed or implied by the forward-looking information, including,
without limitation: inherent exploration hazards and risks; risks
related to exploration and development of natural resource
properties; uncertainty in Giyani's ability to obtain funding;
commodity price fluctuations; recent market events and conditions;
risks related to the uncertainty of mineral resource calculations
and the inclusion of inferred mineral resources in economic
estimation; risks related to governmental regulations; risks
related to obtaining necessary licenses and permits; risks related
to their business being subject to environmental laws and
regulations; risks related to their mineral properties being
subject to prior unregistered agreements, transfers, or claims and
other defects in title; risks relating to competition from larger
companies with greater financial and technical resources; risks
relating to the inability to meet financial obligations under
agreements to which they are a party; ability to recruit and retain
qualified personnel; and risks related to their directors and
officers becoming associated with other natural resource companies
which may give rise to conflicts of interests. This list is not
exhaustive of the factors that may affect Giyani's forward-looking
information. Should one or more of these risks and uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those described in the
forward-looking information or statements.
Giyani's forward-looking information is based on
the reasonable beliefs, expectations and opinions of their
respective management on the date the statements are made, and
Giyani does not assume any obligation to update forward looking
information if circumstances or management's beliefs, expectations
or opinions change, except as required by law. For the reasons set
forth above, investors should not place undue reliance on
forward-looking information. For a complete discussion with respect
to Giyani and risks associated with forward-looking information and
forward-looking statements, please refer to Giyani's financial
statements and related MD&A, all of which are filed on SEDAR at
www.sedar.com.
GIYANI METALS CORP.1155
North Service Road West, Unit 11Oakville, Ontario
L6M
3E3www.giyanimetals.com TSX.V-EMM
Giyani Metals (TSXV:EMM)
Historical Stock Chart
From Jun 2024 to Jul 2024
Giyani Metals (TSXV:EMM)
Historical Stock Chart
From Jul 2023 to Jul 2024