- Giyani Metals Corp. (EMM) has closed its bought deal equity financing
- A total of 16,916,500 units were issued at C$0.68 per unit for gross proceeds of C$11,503,220
- Each unit consists of one common share and one half common share purchase warrant
- Giyani Metals Corp. is a mineral resource company
- Giyani Metals Corp. (EMM) is up 6.56 per cent, trading at C$0.65 per share at 1:45 pm ET
Giyani Metals Corp. (EMM) has closed its previously announced bought deal equity financing.
A total of 16,916,500 units were issued at a price of C$0.68 per unit for gross proceeds of C$11,503,220.
This total included the full exercise of the over‐allotment option granted to the underwriters.
Each unit consists of one common share and one half common share purchase warrant. Each warrant will entitle the holder to purchase one common share at an exercise price of C$1.00 until September 24, 2022.
The Offering was co-led by Cormark Securities Inc. and Beacon Securities Limited
The underwriters received a cash commission equal to 5.5% of the gross proceeds of the offering. Giyani also issued an aggregate of 930,407 broker warrants to the underwriters. The broker warrants entitle the holders to purchase common shares at a purchase price of C$0.68 until September 24, 2022.
Proceeds will be used for drilling, the K.Hill project feasibility study, prepayments for long lead order items, additional staffing costs and other general corporate purposes.
The offering is subject to the final acceptance of the TSX Venture Exchange.
Robin Birchall, CEO of Giyani Metals Corp. commented,
"We are delighted with the outcome of the bought deal equity financing and would like to thank the underwriters for their sterling performance. The company is now very well capitalized to progress towards the completion of the feasibility study and further on towards the next steps of basic engineering, front-end engineering design and pre-payments for long lead order items."
Giyani Metals Corp. is a mineral resource company focused on the development of its K.Hill, Lobatse & Otse manganese prospects in the Kanye Basin, Botswana, Africa.
The Company's flagship K.Hill project is a near-surface deposit currently going through a feasibility study to produce high-purity electrolytic manganese metal and manganese sulphate, both key cathode ingredients for batteries in the expanding electric vehicle (EV) market.
Giyani Metals Corp. (EMM) is up 6.56 per cent, trading at C$0.65 per share at 1:45 pm ET.