Giyani Metals Corp. (TSXV:EMM, GR:A2DUU8)
("
Giyani" or the "
Company"), is
pleased to announce that it has today closed its previously
announced bought deal equity public offering (the
"
Offering"). A total of 26,136,395 units of the
Company (the "
Units") were issued at a price of
$0.44 per Unit for gross proceeds of approximately $11.5 million,
which included the exercise in full of the over‐allotment option
granted by the Company to the Underwriters (as defined below). Each
Unit consists of one (1) common share (each, a "
Common
Share") and one half of one (½) Common Share purchase
warrant (each whole Common Share purchase warrant, a
"
Warrant"). Each Warrant entitles the holder to
purchase one Common Share at an exercise price of $0.60 until
December 3, 2023.
The Offering was co-led by Cormark Securities
Inc. and Beacon Securities Limited (together, the
"Underwriters"). In connection with the Offering,
the Underwriters received a cash commission equal to 5.5% of the
gross proceeds of the Offering, other than in respect of sales of
Units to certain purchasers on a president's list, as agreed upon
between the Company and the Underwriters (of which a cash
commission of 2.0% of the gross proceeds realized from such sales
was paid). Giyani also issued an aggregate of 1,381,241 broker
warrants to the Underwriters that entitle the holders thereof to
purchase Common Shares until December 3, 2023 at a purchase price
of $0.44 per Common Share. The Units were qualified for
distribution by way of a short‐form prospectus dated November 30,
2021 (the "Prospectus") filed with the securities
commissions in each of the provinces of Canada, except Québec.
The net proceeds of the Offering will be used
for the advancement of the Company's manganese oxide projects in
Botswana, including the K.Hill Project, and for working capital and
general corporate purposes, all as further described in the
Prospectus.
The Offering is subject to the final acceptance
of the TSX Venture Exchange.
About Giyani Metals Corp.
Giyani is a mineral resource company focused on
becoming one of Africa's first low-carbon producers of high-purity
electrolytic manganese precursor materials, used by battery
manufacturers for the expanding electric vehicle market, through
the advancement of its manganese assets in the Kanye Basin in
south-eastern Botswana (the "Kanye Basin
Prospects"), through its wholly-owned Botswana subsidiary
Menzi Battery (Pty) Limited. The Company's Kanye Basin Prospects
consist of 10 prospecting licenses and include the past producing
Kgwakgwe Hill mine and project, referred to as the K.Hill Project,
the Otse manganese prospect and the Lobatse manganese prospect, all
of which have seen historical mining activities.
Additional information and corporate documents
may be found on www.sedar.com and on Giyani Metals Corp.
website at 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
George DonneVP Business Development+44 7866 591
897gdonne@giyanimetals.com
Judith WebsterCorporate Secretary and Investor
Relations+1 416 453 8818
jwebster@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",
including but not limited to statements in respect of the final
acceptance of the TSX Venture Exchange and the use of the net
proceeds of the Offering. 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.
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 in how the world-wide economic and social impact
of COVID-19 is managed; 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 Annual
Information Form and the Prospectus, all of which are filed on
SEDAR at www.sedar.com.
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