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     224  0 Kommentare Giyani Closes Private Placement Financing

    Not for distribution to U.S. newswire services or for dissemination in the United States

    OAKVILLE, Ontario, May 25, 2020 (GLOBE NEWSWIRE) -- Giyani Metals Corp. (TSXV:EMM, GR:A2DUU8) ("Giyani" or the "Company") is pleased to announce that the non-brokered private placement financing (the "Private Placement"), as announced on May 19, 2020, has closed. The Private Placement was fully subscribed and comprised of 15,000,000 units (each, a "Unit") at a price of $0.08 per Unit for gross proceeds of $1.2 million in immediately available new funding. No finders' fees were paid in connection with the Private Placement.

    Each Unit consists of one (1) common share (each, a "Common Share") and one half (½) of one Common Share purchase warrant. Each whole warrant will entitle the holder to purchase one Common Share at an exercise price of $0.10 per share within the 3-year period following the closing of the Private Placement.

    The Private Placement included a lead subscription on behalf of RAB Capital Holdings Limited ("RAB Capital") for 11,000,000 Units, for a total subscription of $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, which is not to be unreasonably withheld, to certain equity security issuances within the 13 months following the closing of the Private Placement, subject to customary carve-outs.

    The net proceeds from the Private Placement will be used to fund the advancement of the K.Hill feasibility study, which is expected to be completed in Q1 2021.

    Insiders of Giyani subscribed for an aggregate of 574,375 Units or 4% of the Private Placement, which subscriptions are considered related party transactions within the meaning of TSX Venture Exchange (the "TSXV") Policy 5.9 and Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company relied on exemptions from the formal valuation and minority approval requirements in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the insider subscriptions.

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    Giyani Closes Private Placement Financing Not for distribution to U.S. newswire services or for dissemination in the United States OAKVILLE, Ontario, May 25, 2020 (GLOBE NEWSWIRE) - Giyani Metals Corp. (TSXV:EMM, GR:A2DUU8) ("Giyani" or the "Company") is pleased to announce that the …