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 release.
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 applicable law.
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Giyani Gold Corp.