TSX-V-listed Giyani Metals’ non-brokered private placement financing has closed.
The private placement, announced on May 19, was fully subscribed and comprised 15-million units for $0.08 a unit for gross proceeds of $1.2-million in immediately available new funding.
The net proceeds from the placement will be used to fund the advancement of the feasibility study at its K.Hill manganese project, in Botswana. The study is expected to be completed during the first quarter of 2021.
The private placement included a lead subscription on behalf of RAB Capital Holdings for 11-million units for $880 000.
The company also entered into a conditional board representation agreement under which, provided RAB Capital maintains at least a 10% shareholding, it is entitled to appoint or elect one director to the board of the company.
The agreement also provides that Giyani will consult with and obtain the consent of RAB Capital to certain equity security issuances within the 13 months following the closing of the private placement