- Giyani Metals (EMM) has raised C$1.2 million in a private placement amid a growing global interest in the future of manganese and other battery metals
- The company issued a total of 9.6 million units at a price of 12.5 cents each, comprised of one common share and half of one purchase warrant
- Each warrant will be exercisable at a price of 20 cents per share for a period of 18 months
- The proceeds will be used to advance its portfolio of projects, as well as for general corporate purposes
- Giyani Metals (EMM) is currently steady at 24 cents per share
Giyani Metals (EMM) has raised C$1.2 million in a private placement amid a growing global interest in the future of manganese and other battery metals.
Under the terms of the placement, which was announced on September 4, the Oakville, Ontario-based mineral resource company issued a total of 9.6 million units at a price of 12.5 cents each.
These units are comprised of one common share in Giyani Metals and half of one common share purchase warrant.
Each whole warrant will entitle the holder to acquire an additional common share at a price of 20 cents, exercisable for a period of 18 months from the date of issuance.
A number of company insiders participated in the financing, acquiring a total of 2,347,668 units, 24 per cent of the entire offering.
Robin Birchall, CEO of Giyani Metals, said he is delighted with the success of the placement.
“I believe we are at an inflection point in the awareness of manganese in the battery electric vehicle market and expect increasing exposure in the coming months.
“We are working hard towards the completion of the feasibility study on our flagship K.Hill project in Botswana, expected to be completed in [the first half of] next year,” he added.
Shares in Giyani Metals have risen more than 69 per cent increase this week, as rumours began circulating around Tesla’s upcoming Battery Day in California. This included speculation that previously-used cobalt may be swapped for a cheaper metals, such as manganese.
However, the rumours are just that, and no definitive news is expected to be made available before the event on September 22.
Giyani Metals (EMM) is currently steady at $0.24 per share at 1:59pm EDT.