Giyani Metals Corp (TSX-V:EMM, OTC:CATPF) has closed its previously announced non-brokered private placement, raising C$3.57 million in gross proceeds following an increase in offering size due to investor demand.
The company, which is advancing the K.Hill battery-grade manganese project in Botswana, issued 59.5 million units at C$0.06 per unit.
Each unit consists of one common share and one-half of a common share purchase warrant. Full warrants are exercisable at C$0.085 per share for a period of 36 months from the closing date.
Giyani said it paid finder’s fees of C$34,140 in cash and issued 569,000 non-transferable finder’s warrants. These warrants allow holders to purchase shares at C$0.06 for 36 months.
Participation included company insiders, directors, senior management, and major shareholder ARCH, through SRF SPP 2 LP, who subscribed for 8.76 million units, representing C$526,000 of the financing. Long-term shareholder RAB Capital also took part, alongside new investors.
The proceeds will be used to fund project workstreams, corporate activities, and general working capital, according to the company.
Giyani CEO Charles FitzRoy said the placement saw strong demand from existing and new investors, enabling it to increase its size by just under 25%.
“This level of support underscores our long-term strategy to develop sustainable, high-purity battery-grade manganese for the EV and ESS industries, and reinforces the confidence in Giyani's ability to deliver on its objectives,” FitzRoy said.
“Now, with the additional optionality and resources acquired through this funding, Giyani is primed for the next stage of growth, which includes the production of HPMSM from the Demo Plant this quarter, and completion of the DFS early next year.”
The CEO said both of these milestones “will confirm Giyani's potential to become the preferred supplier of battery-grade manganese to Western markets, and ultimately redefine the company.”
Additionally, the company announced the appointment of Gavin Horscroft as Senior Vice President Operations.
“Gavin has been instrumental for the development of the Demo Plant since joining us in April, and his extensive experience and skillset is well-suited to the needs of the company as we progress through the DFS and towards the construction of the Commercial Plant,” FitzRoy said.