JOHANNESBURG (miningweekly.com) – TSX-V- and AltX-listed Giyani Gold will issue shares to settle nearly $1-million in debt.
The Southern Africa-focused gold explorer would issue about 5.8-million common shares at $0.08 apiece to settle $466 255 of debt relating to consulting fees and service fees, while 4.6-million shares would be issued to settle $367 143 of outstanding debt owed to certain Giyani directors and senior officers.
This followed the completion in April of a nonbrokered placing of up to four-million common shares at a price of $0.05 apiece for gross proceeds of up to $200 000, in which management, directors and other “insiders” of Giyani participated.
The debt settlement plan was subject to TSX-V approval and would remain in a hold period of four months and one day from their date of issuance.