Photo by: Bloomberg
JOHANNESBURG (miningweekly.com) – Southern Africa-focused Giyani Gold will undertake a nonbrokered private placement of up to two-million shares to raise up to $600 000 to be used for general working capital purposes and to close the proposed transaction between it and an undisclosed international energy company.
The exploration company, which is listed on the TSX, the AltX and the NSX, announced last week that it had entered into exclusive negotiations with the private energy company, which owns multiple projects in attractive jurisdictions, including an operating asset in South Africa.
“Giyani Gold is focused on acquiring significant assets to strengthen our company and reward our shareholders. We have built a strong relationship with the energy company and now that we are in a period of mutually desired exclusive negotiations, we will move quickly to finalise a binding definitive agreement,” Giyani executive chairperson Duane Parnham had said at the time.
The private placement was being offered to buyers that have qualified as “accredited investors” under Canadian securities laws.
The offering would include up to two-million units – each comprising one common share and one common share purchase warrant – at a price of $0.30 apiece.
The offering would close on or before July 30.