OAKVILLE, ON, Jan. 2, 2015 /CNW/ - Giyani Gold Corp. (TSXV: WDG, JSE: GIY) ("Giyani") announces that the binding letter of intent agreement (the "Agreement") with the shareholders of Horizon Enerji A.Ş. ("Horizon") and Sumo Coal (Pty) Ltd. ("Sumo") has expired in accordance with its terms as a definitive agreement was not entered into by December 31, 2014.
Duane Parnham, Executive Chairman of Giyani, made the following comments: "Although we are disappointed that current market conditions and timing constraints prevented a definitive agreement from being signed before year-end, concluding a deal with the shareholders of Horizon and Sumo remains a possibility. Giyani remains committed to the strategy of strengthening the company by means of concluding a strategic acquisition, and our corporate structure and global listings provide Giyani with the flexibility to be successful in this strategy."
Giyani also announces that in connection with the expiration of the Agreement, the board of Directors of Giyani rescinded the appointment of Mr. Bertan Atalay as Interim President of Giyani on December 31, 2014.
Trading in the common shares of Giyani was halted following the initial announcement of the Agreement and will be reinstated, in accordance with TSX Venture Exchange Rules and Policies, following the date of this press release.
Neither the TSX Venture Exchange Inc. 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 release.
On behalf of the Board of Directors of Giyani Gold Corp.
(signed) "Duane Parnham"
Duane Parnham, Executive Chairman
Forward Looking Statements
This news release contains certain statements that may be deemed "forward-looking statements". Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Giyani believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of Giyani's management on the date the statements are made. Except as required by law, Giyani undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
SOURCE Giyani Gold Corp.
For further information: Duane Parnham, Executive Chairman, Giyani Gold Corp., Tel: 1.905.844.1456 ext. 236; Luke Vigeant, Head of Communications, Giyani Gold Corp., Tel: 1.905.844.1456 ext. 237, Email: [email protected]