Giyani Metals Corp (TSXV: EMM) is evidently in need of funding. The company last night announced a bought deal public offering of units, with the company looking to raise total gross proceeds of $10.0 million under the offering.
Under the terms of the financing, Giyani will look to sell a total of 22.7 million units of the firm at a price of $0.44 per unit. Each unit is to contain one common share and one half of a common share purchase warrant. Each warrant is valid for a period of 2 years from the date of issuance, and contains an exercise price of $0.60 per share.
An over-allotment option has also been granted for the sale of up to an additional 15% of units. The offering is being lead by Cormark Securities and Beacon Securities.
Proceeds from the offering are to be used for the firms K.Hill project, as well as working capital and general corporate purposes.
The financing is slated to close by November 30, 2021.
The equity currently remains halted.
Giyani Metals last traded at $0.50 on the TSX Venture.
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