Giyani Announces Share for Debt Transaction

May 23, 2017

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TORONTO, ONTARIO–(Marketwired – May 23, 2017) – Giyani Gold Corporation (the “Company ” or ” Giyani“) (TSX VENTURE:WDG) (FRANKFURT:KT9) announces the proposed settlement of accounts payable to Mr. Duane Parnham, an insider of the Company, (the “Insider“), pursuant to TSX Venture Exchange Policy 4.3. The Company has negotiated that Mr. Parnham will cancel $288,378.70 owed to him as well as convert the remaining $288,378.56 owed into common shares in the capital of the Company (the “Insider Debt Settlement“). In consideration for the Insider Debt Settlement, the Company will issue 901,183 Common Shares (deemed price of C$0.32 per Common Share). The Company’s Board is of the view that this Insider Debt Settlement is an appropriate means of preserving the treasury and improve its balance sheet. The cancellation of debts owed to Mr. Parnham and the conversion of the Insider Debt Settlement means that a total of $576,757.26 of liabilities will be removed from the Company’s balance sheet and therefore increasing its financial position.

Category: General