OAKVILLE, Ontario, Sept. 19, 2019 (GLOBE NEWSWIRE) -- Giyani Metals Corp. September 19, 2019 (TSXV:EMM) (FRANKFURT:KT9) (WKN:A2DUU8) (“Giyani” or the “Company”) is pleased to announce that it has entered into an agreement to sell its 45% interest in Rock Island Trading 17 Proprietary Limited (“Rock Island”), a privately held South African gold exploration company, for a total cash consideration of ZAR 9,555,046.71 or equivalent to approximately $868,000.
On September 18, 2019, Giyani signed a definitive sale of shares agreement (“Agreement”) with its South African partner, Corridor Mining Resources Proprietary Limited (“CMR”). Under the Agreement, CMR will acquire Giyani’s 45% interest by paying one third of the aggregate cash consideration to Giyani within two business days, with the balance to be paid following satisfaction of certain South African regulatory conditions, including receipt of Ministerial consent to the sale required under South African law. The conditions are expected to be satisfied and closing to occur by end of Q1 2020.
Robin Birchall, CEO of Giyani commented:
“We are extremely pleased to have concluded this sale to our South African partner CMR. Rock Island was a non-core asset that we have had on our books for a very long time and we are very happy to have been able to now monetize its value into cash consideration that will be used for the development of our manganese project in Botswana. This transaction also signifies a formal departure from our gold exploration past in South Africa and allows us to focus on developing a battery grade manganese project to serve the growing global electric vehicle market.”
Giyani Metals Corp. is a Canadian junior exploration company focused on creating shareholder value by accelerating the development of its high-grade manganese project in the Kanye Basin, Botswana, Africa. Additional information and corporate documents may be found on www.sedar.com and on Giyani Metals Corp. website: http://giyanimetals.com/.
On behalf of the Board of Directors of Giyani Metals Corp.
Robin Birchall, CEO
Giyani Metals Corporation
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.
Forward Looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements in this news release, other than statements of historical fact, that address events or developments that Giyani expects to occur, are “forward-looking statements”. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “does not expect”, “plans”, “anticipates”, “does not anticipate”, “believes”, “intends”, “estimates”, “projects”, “potential”, “scheduled”, “forecast”, “budget” and similar expressions, or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. Specific forward-looking statements and forward-looking information herein includes completion of the purchase and sale of the Company’s 45% interest in Rock Island and receipt of regulatory approvals to close.
All such forward-looking statements are based on the opinions and estimates of the relevant management as of the date such statements are made and are subject to certain assumptions, important risk factors and uncertainties, many of which are beyond Giyani’s ability to control or predict. Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. In the case of Giyani, these facts include their anticipated operations in future periods, planned exploration and development of its properties, and plans related to its business and other matters that may occur in the future. This information relates to analyses and other information that is based on expectations of future performance and planned work programs.
Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation: inherent exploration hazards and risks; risks related to exploration and development of natural resource properties; uncertainty in Giyani’s ability to obtain funding; commodity price fluctuations; recent market events and conditions; risks related to the uncertainty of mineral resource calculations and the inclusion of inferred mineral resources in economic estimation; risks related to governmental regulations; risks related to obtaining necessary licenses and permits; risks related to their business being subject to environmental laws and regulations; risks related to their mineral properties being subject to prior unregistered agreements, transfers, or claims and other defects in title; risks relating to competition from larger companies with greater financial and technical resources; risks relating to the inability to meet financial obligations under agreements to which they are a party; ability to recruit and retain qualified personnel; and risks related to their directors and officers becoming associated with other natural resource companies which may give rise to conflicts of interests. This list is not exhaustive of the factors that may affect Giyani’s forward-looking information. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking information or statements.
Giyani’s forward-looking information is based on the reasonable beliefs, expectations and opinions of their respective management on the date the statements are made, and Giyani does not assume any obligation to update forward looking information if circumstances or management’s beliefs, expectations or opinions change, except as required by law. For the reasons set forth above, investors should not place undue reliance on forward-looking information. For a complete discussion with respect to Giyani and risks associated with forward-looking information and forward-looking statements, please refer to Giyani’s financial statements and related MD&A, all of which are filed on SEDAR at www.sedar.com.
GIYANI METALS CORP.
1155 North Service Road West, Unit 11
Oakville, Ontario L6M 3E3