Giyani Gold announces closing of over subscribed private placement

OAKVILLE, ON, Jan. 16, 2012 /CNW/ - Giyani Gold Corp. (TSXV: WDG) (the "Company") announced today that it has successfully closed its previously announced private placement (the "Unit Private Placement") of units (the "Units") for aggregate gross proceeds of $2,473,550. Each of the 2,150,913 Units issued was issued at a price of $1.15 and was offered on the same terms and conditions as previously disclosed by the Company on December 13, 2011 with each whole warrant exercisable by the holder thereof into one Common Share at a price of $1.40 per Common Share up to and including July 16, 2013.

In connection with the Unit Private Placement, the Company has paid finder's fees of approximately $52,613 from current cash resources. This amount reflects an increase of approximately $24,150 from the finder's fee previously announced by the Company on January 12, 2012.  In connection with the December 30, 2011 closing of a previously announced private placement of Common Shares issued on a flow-through basis pursuant to the Income Tax Act (Canada), the Company has paid additional finder's fees of $7,245 from current cash. 

The Company has received final acceptance from the TSX Venture Exchange of the securities being issued pursuant to the Unit Private Placement. Such securities will be issued in reliance upon exemptions from the prospectus and registration requirements of applicable Canadian securities legislation, and will be subject to a hold period until May 17, 2012.

All amounts are in Canadian dollars

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

SOURCE GIYANI GOLD CORP.

For further information:

Darren Collins
Corporate Communications
Giyani Gold Corp.

Tel: +1.416.399.3422
Email: dcollins@giyanigold.com

Profil de l'entreprise

GIYANI GOLD CORP.

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