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Giyani Metals Announces C$1.2 Million Non-Brokered Private Placement Financing
OAKVILLE, Ontario, May 19, 2020 (GLOBE NEWSWIRE) -- Giyani Metals Corp. (TSXV:EMM, GR:A2DUU8) ("Giyani" or the "Company") announces that it is undertaking a non
About this update from Giyani Metals Corp
[{"type":"text","content":" OAKVILLE, Ontario, May 19, 2020 (GLOBE NEWSWIRE) -- Giyani Metals Corp. (TSXV:EMM, GR:A2DUU8) (\"Giyani\" or the \"Company\") announces that it is undertaking a non-brokered private placement of units to raise up to $1.2 million in immediately available new funding. In addition, certain of the shares for debt transactions originally announced on May 6, 2020 have been approved by the TSX Venture Exchange (the \"TSXV\") and have now closed. Non-Brokered Private Placement The Company is announcing a non-brokered private placement of units at $0.08 per unit to accredited investors and other exempt purchasers, with each unit consisting of one (1) common share of the Company (each, a \"Common Share\") and one half (½) of one Common Share purchase warrant. Each whole warrant will entitle the holder to purchase one common share at an exercise price of $0.10 per share for a period of three years from the closing of the private placement. The Company has received subscription agreements totaling $1.1 million. This includes a lead subscription on behalf of RAB Capital Holdings Limited for 11 million units for a total subscription of $880,000. The Company has also entered into a conditional board representation agreement under which, following closing, and provided this subscriber maintains at least a 10% shareholding, it shall be entitled to have appointed or elected one director to the board of the Company. The agreement also provides that, following closing, Giyani will consult with and obtain the consent of RAB Capital, which is not to be unreasonably withheld, to certain equity security issuances in the following 13 months, subject to customary carve-outs. Insider subscriptions total approximately C$50,000. Robin Birchall, CEO of the Company commented: \"The completion of the recently announced shares for debt program allows us to direct the cash proceeds from this financing to meet our obligations associated with the completion of the K.Hill Project feasibility study. We are delighted to have already received subscription agreements for $1.1 million and we thank RAB Capital, who will be taking their shareholding to over 10%, for their support.” Completion of the private placement, including the lead subscription order, remains subject to receiving the approval of the TSXV, and subject to receiving that approval, the closing on r...