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Giyani Enters into Agreement to Sell its 45% Interest in Rock Island

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Giyani Enters into Agreement to Sell its 45% Interest in Rock Island

 

 

 

 

 

Giyani Metals Corp. (TSX-V:EMM) (FRANKFURT:KT9) (WKN:A2DUU8) is pleased to announce that it has entered into an agreement to sell its 45% interest in Rock Island Trading 17 Proprietary Limited, a privately held South African gold exploration company, for a total cash consideration of ZAR 9,555,046.71 or equivalent to approximately $868,000.

 

On September 18, 2019, Giyani signed a definitive sale of shares agreement with its South African partner, Corridor Mining Resources Proprietary Limited. Under the Agreement, CMR will acquire Giyani’s 45% interest by paying one third of the aggregate cash consideration to Giyani within two business days, with the balance to be paid following satisfaction of certain South African regulatory conditions, including receipt of Ministerial consent to the sale required under South African law. The conditions are expected to be satisfied and closing to occur by end of Q1 2020.

 

Robin Birchall, CEO of Giyani commented:

“We are extremely pleased to have concluded this sale to our South African partner CMR. Rock Island was a non-core asset that we have had on our books for a very long time and we are very happy to have been able to now monetize its value into cash consideration that will be used for the development of our manganese project in Botswana. This transaction also signifies a formal departure from our gold exploration past in South Africa and allows us to focus on developing a battery grade manganese project to serve the growing global electric vehicle market.”

 

About Giyani

 

Giyani Metals Corp. is a Canadian junior exploration company focused on creating shareholder value by accelerating the development of its high-grade manganese project in the Kanye Basin, Botswana, Africa.

 

Posted September 19, 2019

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