Giyani Gold Subsidiary to make Acquisition
OAKVILLE, ON, March 5, 2014 /CNW/ - Giyani Gold Corp. (TSXV: WDG, JSE: GIY, NSX: GGC) ("Giyani Gold") is pleased to announce that on March 4, 2014 Canoe Mining Ventures Corp. (TSXV: CLV) ("Canoe") and Birch Hill Gold Corp. announced a business combination agreement, pursuant to which Canoe will acquire all the issued and outstanding shares of Birch Hill Gold Corp.
Giyani Gold owns a 57.7% equity stake in Canoe and as such will directly benefit by any success achieved though this agreement. Duane Parnham, Executive Chairman of Giyani Gold, stated: "Canoe is fulfilling its strategy of acquiring compliant gold resources in favourable geological environments that host world class deposits. Any success achieved by Canoe with new discoveries will expand the resource on the Birch Hill property and will further underpin the value Canoe provides to Giyani Gold."
Grant of Options
Giyani Gold also announces that 2,000,000 stock options have been granted to various directors, officers, and consultants in accordance with Giyani Gold's stock option plan. 1,900,000 options will be convertible to common shares at $0.25 per share and will vest immediately and 100,000 options at the same price will vest over a twelve month period with 25,000 options vesting every three months. All options will expire on March 04, 2019 and the grant of options remains subject to TSX Venture Exchange approval.
Additional information and corporate documents may be found on www.sedar.com, the Giyani Gold website, www.giyanigold.com, Canoe website, www.canoemining.com, and the Birch Hill Gold Corp. website www.birchhillgold.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.
On behalf of the board of Giyani Gold Corp.
"Duane Parnham", Executive Chairman
Forward Looking Statements
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release or other future plans, objectives or expectations of Giyani Gold Corp. are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Giyani Gold's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by Giyani Gold with securities regulators. Giyani Gold expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
SOURCE Giyani Gold Corp.For further information:
Luke Vigeant, Head of Communications
Giyani Gold Corp.
Tel: 1.905.844.1456 X237