Giyani Closes the Historical K. Hill Manganese Mine Acquisition
July 13, 2017 (Source) – Giyani Gold Corporation (TSX VENTURE:WDG)(FRANKFURT:KT9) (“Giyani” or the “Company”) is pleased to announce the acquisition of seven new prospecting licenses in the Kanye Basin, Southeastern Botswana. Giyani signed a definitive agreement (the “Agreement”) with Marcelle Holdings (Pty) Limited (“Marcelle”) to acquire an 88% interest in seven prospecting licences (PL294/2016 to PL300/2016 inclusive) by making cash payments totaling BWP 980,000 Botswana Pula. Additionally, the Agreement also includes the completion of the acquisition of 100% interest in five prospecting licences (PL336/2016 to PL340/2016 inclusive) from Marcelle, and 88% interest in one prospecting licence (PL322/2016) from Everbroad Investments (Pty) Limited (“Everbroad) previously announced on 2017/April/11. The Agreement also includes the acquisition of 100% interest in Menzi Battery (Pty) Limited (“Menzi”), a company incorporated in accordance with the laws of Botswana by issuing two million common shares of Giyani to Mr. Arnoldus Brand, subject to regulatory approval.
Under the Agreement:
- Giyani acquired 88% interest in one prospecting licence (PL322/2016) from Everbroad for a price of USD 20,000 (twenty thousand Dollars), such amount was paid in April 2017
- Giyani acquired 100% interest in five prospecting licences (PL336/2016 to PL340/2016 inclusive) from Marcelle for a price of USD 55,000 (fifty five thousand Dollars), such amount was paid in April 2017
- Giyani will acquire 88% interest in seven prospecting licences (PL294/2016 to PL300/2016 inclusive) from Marcelle by making a cash payment of BWP 980,000 (nine hundred eighty thousand Botswana Pula)
- The rights to 88% interest in eight prospecting licenses (PL322/2016, PL294/2016, PL295/2016, PL296/2016, PL297/2016/ PL298/2016, PL299/2016, PL300/2016) will be transferred from Everbroad and Marcelle to Menzi
- The rights to 100% interest in five prospecting licences (PL336/2016, PL337/2016, PL338/2016, PL339/2016, PL340/2016) will be transferred from Marcelle to Menzi
- Giyani will acquire 100% interest in Menzi by issuing two million common shares of the Company to Mr. Arnoldus Brand
“Completing this acquisition is a significant milestone on our path to become the world’s leading supplier of high-grade feedstock manganese ore. It establishes Giyani as the majority owner of a large land package with an area totaling 814,000 HA (8,140 Square Kilometers) in and around the past producing K.Hill manganese mine, southern Botswana.” said Wajd Boubou, President.
Giyani is currently executing a regional sampling and mapping program on the property along with selective bulk sampling and metallurgical testing to better understand the size and chemical properties of the deposit and will publish lab analysis results from the second batch of samples within the next few days.
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.
Get our daily investorintel update
On behalf of the Board of Directors of Giyani Gold Corporation.
Duane Parnham, Executive Chairman & CEO
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, the financial picture of the Company etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
InvestorIntel is a trusted source of reliable information at the forefront of emerging markets that brings investment opportunities to discerning investors.