Giyani Metals Corp. December 9, 2019 (TSXV:EMM) (FRANKFURT:KT9)
(WKN:A2DUU8) ("
Giyani" or the
"
Company") announces the acquisition from
Malungani Resources (Pty) Ltd ("
Malungani") of all
of the outstanding ordinary shares of Lexshell 837 (Pty) Ltd.
("
Lexshell") not already held indirectly by Giyani
as the beneficial owner (the "
Lexshell Shares"),
pursuant to a share purchase agreement dated November 12, 2019 (the
"
Purchase Agreement"), with the result that Giyani
will consolidate 100% share ownership in Lexshell. Malungani is at
arm's length to Giyani.
As announced on September 19, 2019, pursuant to
the terms of a sale of shares agreement, Lexshell has agreed to
sell to Corridor Mining Resources Proprietary Limited all of
Lexshell's ordinary shares of Rock Island Trading 17 Proprietary
Limited (the "Rock Island Sale"). Upon completion
of the Rock Island Sale, Lexshell will transfer the cash
consideration received in connection therewith to Giyani in
settlement of certain inter-company debt (the
"Settlement").
Giyani acquired the Lexshell Shares from
Malungani pursuant to the terms of the Purchase Agreement for the
amount of $262,289.72 (the "Purchase Price") in
lieu of distributing a pro rata portion of the Settlement. The
Purchase Price will be paid and satisfied by Giyani as to the sum
of $87,429.91, by the issuance to Malungani of 416,333 common
shares of Giyani, and, as to the balance of the Purchase Price, by
the issuance to Malungani of 832,666 common shares of Giyani upon
and subject to the final closing of the Rock Island Sale and the
acquisition of any governmental or other approvals required under
South African law or otherwise in respect of Lexshell and the Rock
Island Sale. Giyani expects to receive ZAR6,370,031 (approximately
$574,408), representing two thirds of the total proceeds, on
completion of the sale of its shares in Rock Island to Corridor
Mining Resources. The Company has already received one third of the
purchase price as announced on September 19, 2019.
Robin Birchall, CEO of Giyani, commented:
"I am pleased that as part of the process of
disposing of our gold assets we are also tidying up the overall
corporate structure of Giyani Metals Corp. This will allow the
Company to focus on its core manganese assets in Botswana and on
becoming a producer of electrolytic manganese metal (EMM) for the
expanding global battery electric vehicle market".
About Giyani
Giyani Metals Corp. is a Canadian junior
explorer and developer focused on creating shareholder value by
accelerating the development of its high-grade manganese project in
the Kanye Basin, Botswana, Africa. Additional information and
corporate documents may be found on www.sedar.com and on Giyani
Metals Corp. website: http://giyanimetals.com/.
On behalf of the Board of Directors of Giyani
Metals Corp.
Robin Birchall, CEO
Contact: Giyani Metals Corp. Robin Birchall CEO, Director
+447711313019 rbirchall@giyanimetals.com
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release.
The securities described herein have not been
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act"), or any state securities laws,
and accordingly, may not be offered or sold to, or for the account
or benefit of, persons in the United States or "U.S. persons," as
such term is defined in Regulation S promulgated under the U.S.
Securities Act ("U.S. Persons"), except in compliance with the
registration requirements of the U.S. Securities Act and applicable
state securities requirements or pursuant to exemptions therefrom.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any of the Company's securities to,
or for the account of benefit of, persons in the United States or
U.S. Persons.
Forward Looking Information
This press release contains "forward-looking
information" within the meaning of applicable Canadian securities
legislation. All statements in this news release, other than
statements of historical fact, that address events or developments
that Giyani expects to occur, are "forward-looking statements".
Forward-looking statements are statements that are not historical
facts and are generally, but not always, identified by the words
"expects", "does not expect", "plans", "anticipates", "does not
anticipate", "believes", "intends", "estimates", "projects",
"potential", "scheduled", "forecast", "budget" and similar
expressions, or that events or conditions "will", "would", "may",
"could", "should" or "might" occur. Specific forward-looking
statements and forward-looking information herein includes
statements regarding the size of and completion of the private
placement and the intended use of the net proceeds from the
financing.
All such forward-looking statements are based on
the opinions and estimates of the relevant management as of the
date such statements are made and are subject to certain
assumptions, important risk factors and uncertainties, many of
which are beyond Giyani's ability to control or predict.
Forward-looking statements are necessarily based on estimates and
assumptions that are inherently subject to known and unknown risks,
uncertainties and other factors that may cause actual results,
level of activity, performance or achievements to be materially
different from those expressed or implied by such forward-looking
statements. In the case of Giyani, these facts include their
anticipated operations in future periods, planned exploration and
development of its properties, and plans related to its business
and other matters that may occur in the future. This information
relates to analyses and other information that is based on
expectations of future performance and planned work programs.
Forward-looking information is subject to a
variety of known and unknown risks, uncertainties and other factors
which could cause actual events or results to differ from those
expressed or implied by the forward-looking information, including,
without limitation: inherent exploration hazards and risks; risks
related to exploration and development of natural resource
properties; uncertainty in Giyani's ability to obtain funding;
commodity price fluctuations; recent market events and conditions;
risks related to the uncertainty of mineral resource calculations
and the inclusion of inferred mineral resources in economic
estimation; risks related to governmental regulations; risks
related to obtaining necessary licenses and permits; risks related
to their business being subject to environmental laws and
regulations; risks related to their mineral properties being
subject to prior unregistered agreements, transfers, or claims and
other defects in title; risks relating to competition from larger
companies with greater financial and technical resources; risks
relating to the inability to meet financial obligations under
agreements to which they are a party; ability to recruit and retain
qualified personnel; and risks related to their directors and
officers becoming associated with other natural resource companies
which may give rise to conflicts of interests. This list is not
exhaustive of the factors that may affect Giyani's forward-looking
information. Should one or more of these risks and uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those described in the
forward-looking information or statements.
Giyani's forward-looking information is based on
the reasonable beliefs, expectations and opinions of their
respective management on the date the statements are made, and
Giyani does not assume any obligation to update forward looking
information if circumstances or management's beliefs, expectations
or opinions change, except as required by law. For the reasons set
forth above, investors should not place undue reliance on
forward-looking information. For a complete discussion with respect
to Giyani and risks associated with forward-looking information and
forward-looking statements, please refer to Giyani's financial
statements and related MD&A, all of which are filed on SEDAR at
www.sedar.com.
GIYANI METALS
CORP.1155 North Service
Road West,
Unit 11Oakville,
Ontario L6M
3E3T:
289-291-4032www.giyanimetals.com
TSX.V-EMM
Giyani Metals (TSXV:EMM)
Historical Stock Chart
From Apr 2024 to May 2024
Giyani Metals (TSXV:EMM)
Historical Stock Chart
From May 2023 to May 2024