OAKVILLE, ON, Jan. 12, 2012 /CNW/ - Giyani Gold Corp. (TSXV: WDG) (the
"Company") is pleased to announce that it has increased the number of
units (the "Units") being offered pursuant to the previously announced
non-brokered private placement of Units (the "Amended Unit Offering")
on December 13, 2011 to 2,150,913 Units. In connection with the Amended
Unit Offering, the Company expects to raise gross proceeds of
approximately $2.473 million. The Amended Unit Offering has been
offered on the same terms and conditions as previously disclosed by the
Company on December 13, 2011.
The TSX Venture Exchange ("TSXV") has been provided with notice of the
Amended Unit Offering and the Company expects to obtain final
acceptance of the Amended Unit Offering from the TSXV before closing.
Giyani expects the closing of the Amended Unit Offering to occur on or
about January 16, 2012.
Proceeds from the Amended Unit Offering will be used for exploration at
the Company's properties and for general working capital purposes.
Also, the Company will pay a finder's fee of $28,463 in cash from the
gross proceeds of the Amended Unit Offering.
With respect to the acquisition of the Rock Island assets, Giyani is
also pleased to announce it has received the consent of more than 96%
of subscribers to extend the escrow agreement associated with the
October 2010 announced financing. Subscribers representing $5,790,750
of a total $6,000,000 held in escrow for that acquisition have provided
Giyani until December 31, 2012 to satisfy the closing conditions of the
transaction. Giyani's management team anticipates completion of the
acquisition of the Rock Island assets early in 2012.
All amounts 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
On behalf of the Board of
Giyani Gold Corp.,
This news release contains forward-looking statements and factual
information that are current as of the date the news release was
originally delivered. When used in this presentation, words such as
"may", "would", "could", "will", "expect", "anticipate", "estimate",
"believe", "contemplate", "intend", "budget" "plan" and other similar
expressions are intended to identify forward-looking statements.
Forward-looking statements include, but are not limited to, statements
with respect to the timing and amount of estimated future exploration,
success of exploration activities, expenditures, permitting, and
requirements for additional capital and access to data. Forward-looking
statements involve known and unknown risks, uncertainties, and other
factors which may cause the actual results, performance or achievements
of the Company to be materially different from any future results,
performance or achievements expressed or implied by the forward-looking
statements. Such factors include, among others, risks related to actual
results of current exploration activities; changes in project
parameters as plans continue to be refined; the ability to enter into
joint ventures or to acquire or dispose of properties; future prices of
gold; fluctuations in currency markets; operating or technical
difficulties in relation to the speculative nature of exploration and
development; accidents, employee relations (including labour disputes)
and other risks of the gold industry; ability to obtain financing;
changes in costs and estimates associated with the Company's projects;
legislative, political or economic developments in the jurisdictions in
which the Company carries on business; requirements for additional
capital; and regulatory restrictions including delays in obtaining
governmental approvals. Although the Company has attempted to identify
important factors that could cause actual results to differ materially
from those contained in forward-looking statements, there may be other
factors that cause results not to be as anticipated, estimated or
expected. The Company 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 required by
SOURCE GIYANI GOLD CORP.
For further information:
Giyani Gold Corp.