Business
Giyani Gold announces non-brokered private placement
OAKVILLE, ON, Dec. 13, 2011 /CNW/ - Giyani Gold Corp. (TSXV: WDG) (the "Company") is pleased ...
About this update from Giyani Metals Corp
[{"type":"text","content":"\n\n\n\n\n\nOAKVILLE, ON, Dec. 13, 2011 /CNW/ - Giyani Gold Corp. (TSXV: WDG) (the\n \"Company\") is pleased to announce it will be conducting a non-brokered\n private placement of up to 4 million common shares of the Company (the\n \"Common Shares\") for gross proceeds of up to $4.6 million. The offering\n (the \"Offering\") will consist of: (i) up to 2 million units (the\n \"Units\"), priced at $1.15 per Unit, each Unit consisting of one Common\n Share and one-half of one common share purchase warrant, with each\n whole warrant exercisable by the holder thereof at a price of $1.40 per\n Common Share for a period of 18 months from the date of issuance; and\n (ii) up to 2 million Common Shares issued on a flow-through basis\n pursuant to the Income Tax Act (Canada), priced at $1.15.\n\n\nThe Offering is being offered on a private placement basis to purchasers\n that qualify as \"accredited investors\" under applicable Canadian\n securities laws. Accordingly, the securities of the Company being\n issued pursuant to the Offering will be issued in reliance upon\n exemptions from the prospectus and registration requirements of\n applicable Canadian securities legislation and will be subject to a\n four-month plus a day hold period from the date of issuance.\n\n\nProceeds from the Offering will be used for exploration at the Company's\n properties and for general working capital purposes. Also, the Company\n will pay a finder's fee or commission of up to 7% in cash from the\n gross proceeds of the Offering to investment dealers or other persons\n permitted to receive the same under applicable Canadian securities\n laws. Insiders of Giyani will be participating in the Offering, and due\n to the participation of certain insiders, the Offering may qualify as a\n \"related party transaction\" pursuant to the rules of Multilateral\n Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company is relying on exemptions from both the formal\n valuation and minority approval requirements of MI 61-101 based on the\n exemption for the fair market value of the Offering being not more than\n 25% of the market capitalization of the Company.\n\n\nThe Company intends on providing notice to the TSX Venture Exchange with\n respect to the Offering as soon as reasonably practicable. The closing\n of th...