OAKVILLE, ON, Dec. 6, 2013 /CNW/ - Giyani Gold Corp. (TSXV: WDG, JSE:
GIY, NSX: GGC) ("Giyani Gold") is pleased to announce the acquisition of a majority interest in the
newly launched company Canoe Mining Ventures Corp. ("Canoe") (formerly known as C Level III Inc.). As of December 10, 2013, the
shares of Canoe will commence trading on the TSX Venture Exchange under
the symbol "CLV". Giyani Gold's interest was acquired by means of a
securities exchange agreement, by which Giyani Gold exchanged 100% of
its common shares in 2299895 Ontario Inc. ("2299895"), its majority held subsidiary, for 19.4 million common shares (57.7%
ownership) of Canoe. As a result, Canoe has acquired all of 2299895's
Canadian exploration permits, including the Abbie-Lake Property, the
Keating Property, and the Killins Property as well as other minor
Canadian exploration properties.
Mr. Duane Parnham, Executive Chairman of Giyani Gold, commented: "Giyani
Gold, through our large ownership position, will directly benefit from
any successes Canoe has in their acquisition activities and exploration
programs." Mr. Parnham further noted: "Canoe is a well-funded company
with a strong shareholder base. I have joined Canoe's Board of
Directors to help grow them into a leading Canadian-focused mining
company which will, in turn, grow the value of Giyani Gold's holdings."
It is expected that Canoe will initially commence with an exploration
program consisting of geophysics and drilling on high priority targets
identified on the Keating and Killins Property.
Giyani Gold as a company is now focused on their Giyani Gold Project in
South Africa and continuing their evaluation of acquisition targets in
Canoe and 2299895 each carried out respective private placements on
November 21, 2013 for combined aggregate gross proceeds of $1,416,665.
The 2299895 private placement raised $908,665 consisting of 865,395
common shares of 2299895 issued on a subscription receipt basis at
$1.05 per subscription receipt which were exchanged for seven (7) Canoe
common shares and seven (7) Canoe common share purchase warrants which
represent an aggregate total of 6,057,765 common shares and 6,057,765
For additional details relating to the transaction and the private
placement, see the Canoe Mining Ventures Corp. news release dated
December 6, 2013.
Additional information and corporate documents may be found on the
Giyani Gold Website - www.giyanigold.com , the Canoe Mining Ventures Corp. website - www.canoemining.com, and www.sedar.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
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
SOURCE: Giyani Gold Corp.
For further information:
Luke Vigeant, Head of Communications
Giyani Gold Corp.
Tel: 1.905.844.1456 X237
Chuck Allen, President
Giyani Gold Corp.
Tel: 1.905.844.1456 X223