Giyani Metals Secures C$3.57 Million in Oversubscribed Private Placement to Advance Battery-Grade Manganese Projects
TSX-V-listed Giyani Metals has successfully closed its previously announced, and now upsized, non-brokered private placement, raising gross proceeds of C$3.57 million through the sale of 59.49 million units.
The financing closed after market hours on August 18, with proceeds allocated to ongoing work programs, project activities, and general working capital.
Originally set at C$3 million, the placement was increased following approval from the TSX Venture Exchange (TSX-V) due to significant investor demand.
Each unit consists of one common share and one-half of one common share purchase warrant. Each full warrant allows the holder to acquire one common share at C$0.085 for a period of 36 months from the closing date.
As part of the placement, the company paid finder’s fees totaling C$34,140 in cash and issued 569,000 non-transferable finder’s warrants, exercisable at C$0.06 per share for 36 months.
Giyani insiders, including directors, senior management, and its largest shareholder ARCH, subscribed for 8.76 million units, contributing C$525,821 to the raise.
Long-term shareholder RAB Capital also participated, demonstrating continued confidence and strong support from both existing and new investors.
Appointment of New Senior VP of Operations
Alongside the financing update, Giyani announced the appointment of Gavin Horscroft, previously operations manager, as Senior Vice President of Operations.
President and CEO Charles FitzRoy welcomed the support and milestone appointment:
“Strong demand from investors allowed us to increase the placement by nearly 25%. This level of support highlights confidence in Giyani’s long-term strategy to develop sustainable, high-purity, battery-grade manganese for the EV and energy storage markets.”
He added that the new funding will support key near-term objectives, including:
Production of high-purity manganese sulphate monohydrate (HPMSM) at its demonstration plant this quarter.
Completion of the definitive feasibility study (DFS) early next year.
“These are significant milestones that position Giyani to become a preferred supplier of battery-grade manganese to Western markets,” FitzRoy said.
“Gavin has been instrumental in developing the demonstration plant since joining us in April. His extensive experience and expertise will be invaluable as we progress through the DFS and move toward construction of the commercial plant.”
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