Giyani Gold Completes Spinout of Canadian Assets
OAKVILLE, ON, Dec. 6, 2013 /CNW/ - Giyani Gold Corp. (TSXV: WDG, JSE: GIY, NSX: GGC) ("Giyani Gold") is pleased to announce the acquisition of a majority interest in the newly launched company Canoe Mining Ventures Corp. ("Canoe") (formerly known as C Level III Inc.). As of December 10, 2013, the shares of Canoe will commence trading on the TSX Venture Exchange under the symbol "CLV". Giyani Gold's interest was acquired by means of a securities exchange agreement, by which Giyani Gold exchanged 100% of its common shares in 2299895 Ontario Inc. ("2299895"), its majority held subsidiary, for 19.4 million common shares (57.7% ownership) of Canoe. As a result, Canoe has acquired all of 2299895's Canadian exploration permits, including the Abbie-Lake Property, the Keating Property, and the Killins Property as well as other minor Canadian exploration properties.
Mr. Duane Parnham, Executive Chairman of Giyani Gold, commented: "Giyani Gold, through our large ownership position, will directly benefit from any successes Canoe has in their acquisition activities and exploration programs." Mr. Parnham further noted: "Canoe is a well-funded company with a strong shareholder base. I have joined Canoe's Board of Directors to help grow them into a leading Canadian-focused mining company which will, in turn, grow the value of Giyani Gold's holdings."
It is expected that Canoe will initially commence with an exploration program consisting of geophysics and drilling on high priority targets identified on the Keating and Killins Property.
Giyani Gold as a company is now focused on their Giyani Gold Project in South Africa and continuing their evaluation of acquisition targets in Southern Africa.
Canoe and 2299895 each carried out respective private placements on November 21, 2013 for combined aggregate gross proceeds of $1,416,665. The 2299895 private placement raised $908,665 consisting of 865,395 common shares of 2299895 issued on a subscription receipt basis at $1.05 per subscription receipt which were exchanged for seven (7) Canoe common shares and seven (7) Canoe common share purchase warrants which represent an aggregate total of 6,057,765 common shares and 6,057,765 purchase warrants.
For additional details relating to the transaction and the private placement, see the Canoe Mining Ventures Corp. news release dated December 6, 2013.
Additional information and corporate documents may be found on the Giyani Gold Website - www.giyanigold.com , the Canoe Mining Ventures Corp. website - www.canoemining.com, and www.sedar.com.
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 Statements
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release or other future plans, objectives or expectations of Giyani Gold Corp. are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Giyani Gold's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by Giyani Gold with securities regulators. Giyani Gold expressly 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 otherwise required by applicable securities legislation.
SOURCE Giyani Gold Corp.
Luke Vigeant, Head of Communications Giyani Gold Corp. Tel: 1.905.844.1456 X237 Email: firstname.lastname@example.org
Chuck Allen, President Giyani Gold Corp. Tel: 1.905.844.1456 X223 Email: email@example.com
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CO: Giyani Gold Corp. ST: Ontario NI: MNG MNA
-0- Dec/06/2013 15:39 GMT