AMN - BOTSWANA: Funds to advance K.Hill feasibility study

Giyani Metals Corp has raised C$1.2 million in a non-brokered private placement with funds to be used to fund the advancement of a feasibility study at the K.Hill Manganese Project in the Kanye Basin of Botswana. This study is progressing well and is on track for completion in the first quarter of 2021.

The private placement was fully subscribed and comprised of 15 million units at a price of C$0.08 per unit. No finders' fees were paid in connection with the Private Placement.

Each unit consists of one common share and one half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share at an exercise price of $0.10 per share within the three-year period following the closing of the placement.

The private placement included a lead subscription on behalf of RAB Capital Holdings Limited for 11 million units for a total subscription of $880,000.

Giyani also entered into a conditional board representation agreement under which, provided RAB Capital maintains at least a 10% shareholding, it is entitled to appoint or elect one director to the board of the company.

The agreement also provides that Giyani will consult with and obtain the consent of RAB Capital, which is not to be unreasonably withheld, to certain equity security issuances within the 13 months following the closing of the placement, subject to customary carve-outs.

Insiders of Giyani subscribed for an aggregate of 4% of the placement, which subscriptions are considered related party transactions within the meaning of TSX Venture Exchange Policy 5.9.

Giyani's CEO Robin Birchall said: “I am delighted with the completion of the private placement. I would like to thank RAB Capital for their support in leading the private placement.

"The proceeds will allow the Giyani team to focus its attention on the development of the company’s assets. The main focus of which is rapidly advancing the remainder of the K.Hill feasibility study workstreams.

"Most notably, we plan to commence reserve drilling in the coming months.”

Giyani Metals Corp. is a Canadian explorer and developer focused on the development of its K.Hill, Lobatse and Otse manganese prospects in the Kanye Basin of Botswana.

The flagship K.Hill prospect is a near-surface manganese oxide deposit going through a feasibility study to produce high-purity electrolytic manganese metal (HPEMM), a key product needed for batteries in the expanding electric vehicle (EV) market.

www.giyanimetals.com