TSX-V-listed Giyani Metals has closed its previously announced, and now upsized, non-brokered private placement financing, raising aggregate gross proceeds of C$3.57-million from the sale of 59.49-million units of the company.

The placement closed after markets on August 18 and proceeds will continue to support company workstreams, activities and general working capital.

Prior to closing, the company says it received approval from the TSX-V to increase the size of the placement from C$3-million, owing to strong investor demand.

Giyani explains that each unit is comprised of one common share in the capital of the company and one-half of one common share purchase warrant of the company.

Each warrant shall entitle the holder thereof to acquire one common share at a price of C$0.085 per common share for a period of 36 months from the closing date of the placement.

The company notes that it paid finders fees in the amount of C$34 140 cash and issued 569 000 non-transferable common share purchase warrants of the company.

The finder’s warrants are non-transferable and entitle the holders thereof to acquire one common share at a price of C$0.06 per common share for a period of 36 months from the closing date of the placement.

Insiders of the company, which include the Giyani directors, senior management and Giyani’s largest shareholder ARCH participated in the placement subscribing for an aggregate of 8.76-million units for gross proceeds of C$525 821.

In addition to the insiders, long-term company shareholder RAB Capital also invested in the placement, underlying strong support from both existing and new shareholders.

Meanwhile, Giyani also announced the appointment Gavin Horscroft – formerly operations manager – as senior VP of operations.

“I am delighted to announce excellent support for the placement, for which strong demand from existing and new investors has enabled Giyani to increase the size of its Placement by just under 25%.

“This level of support underscores our long-term strategy to develop sustainable, high-purity battery-grade manganese for the electric vehicle and energy storage system industries and reinforces the confidence in Giyani’s ability to deliver on its objectives,” says Giyani president and CEO Charles FitzRoy.

With the additional optionality and resources acquired through this funding, FitzRoy says Giyani is primed for the next stage of growth, which includes the production of high-purity manganese sulphate monohydrate from its demonstration plant this quarter, and completion of the definitive feasibility study (DFS) early next year.

He says both constitute significant milestones that will confirm Giyani’s potential to become the preferred supplier of battery-grade manganese to Western markets and ultimately redefine the company.

“I am also delighted to announce the appointment of Gavin Horscroft as operations senior VP of operations.

“Gavin has been instrumental for the development of the demo plant since joining us in April, and his extensive experience and skillset is well-suited to the needs of the company as we progress through the DFS and towards the construction of the commercial plant,” FitzRoy continues.