Mr. John Patrick Sheridan reports
GUYANA PRECIOUS METALS ANNOUNCES $7,000,000 PRIVATE PLACEMENT
GuyanaPrecious Metals Inc. has arranged a non-brokered private placement ofup to 70 million units at a price of 10 cents per unit for grossproceeds of up to $7-million.
Each unit will comprise one common share of Guyana and one common share purchase warrant.
Each warrant will be exercisable to acquire one common share at a priceof 13 cents until the date that is 24 months following the closing date ofthe placement. Insiders of Guyana, and their affiliates, are expectedto subscribe for up to 25 million of the units being distributed underthe placement.
Guyana intends to use the net proceeds of the placement for theacquisition, exploration and development of properties in the Guianashield, South America, and for general working capital purposes. The placementremains subject to the approval of the TSX Venture Exchange.