Business
Giyani Gold Completes Spinout of Canadian Assets
OAKVILLE, ON , Dec. 6, 2013 /CNW/ - Giyani Gold Corp. (TSXV: WDG, JSE: GIY, NSX: GGC) (...
About this update from Giyani Metals Corp
[{"type":"text","content":"\n\n\nOAKVILLE, ON, Dec. 6, 2013 /CNW/ - Giyani Gold Corp. (TSXV: WDG, JSE:\n GIY, NSX: GGC) (\"Giyani Gold\") is pleased to announce the acquisition of a majority interest in the\n newly launched company Canoe Mining Ventures Corp. (\"Canoe\") (formerly known as C Level III Inc.).  As of December 10, 2013, the\n shares of Canoe will commence trading on the TSX Venture Exchange under\n the symbol \"CLV\".  Giyani Gold's interest was acquired by means of a\n securities exchange agreement, by which Giyani Gold exchanged 100% of\n its common shares in 2299895 Ontario Inc. (\"2299895\"), its majority held subsidiary, for 19.4 million common shares (57.7%\n ownership) of Canoe.  As a result, Canoe has acquired all of 2299895's\n Canadian exploration permits, including the Abbie-Lake Property, the\n Keating Property, and the Killins Property as well as other minor\n Canadian exploration properties.\n\n\nMr. Duane Parnham, Executive Chairman of Giyani Gold, commented: \"Giyani\n Gold, through our large ownership position, will directly benefit from\n any successes Canoe has in their acquisition activities and exploration\n programs.\" Mr. Parnham further noted: \"Canoe is a well-funded company\n with a strong shareholder base. I have joined Canoe's Board of\n Directors to help grow them into a leading Canadian-focused mining\n company which will, in turn, grow the value of Giyani Gold's holdings.\"\n\n\nIt is expected that Canoe will initially commence with an exploration\n program consisting of geophysics and drilling on high priority targets\n identified on the Keating and Killins Property.\n\n\nGiyani Gold as a company is now focused on their Giyani Gold Project in\n South Africa and continuing their evaluation of acquisition targets in\n Southern Africa.\n\n\nCanoe and 2299895 each carried out respective private placements on\n November 21, 2013 for combined aggregate gross proceeds of $1,416,665.\n The 2299895 private placement raised $908,665 consisting of 865,395\n common shares of 2299895 issued on a subscription receipt basis at \n $1.05 per subscription receipt which were exchanged for seven (7) Canoe\n common shares and seven (7) Canoe common share purchase warrants which\n represent an aggregate total of 6,057,765 common shares and 6,057,765\n purchase warrants.\n\n\nFor additional details relating to th...