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Giyani Closes Bought Deal Public Offering Raising Gross Proceeds of $11.5 Million

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Giyani Closes Bought Deal Public Offering Raising Gross Proceeds of $11.5 Million

 

 

 

 

 

Giyani Metals Corp. (TSX-V:EMM) (GR:A2DUU8) is pleased to announce that it has closed its previously announced bought deal equity public offering. A total of 26,136,395 units of the Company 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 common share and one half of one Common Share purchase 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. 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 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, 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.

 

 

Posted December 3, 2021

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