Mr. Claude Lemasson reports
GUYANA GOLDFIELDS CONFIRMS EXERCISE OF WARRANTS BY IFC
TheIFC, the member of the World Bank Group focused on privatesector investments in developing countries, has completed the exerciseof all 1.73 million warrants to acquire 1.73 million common shares ofGuyana Goldfields Inc. for a total subscription cost of $7,612,000.These warrantswere acquired by the IFC in March, 2006, in connection with a privateplacement (see news release in Stockwatch dated March 9, 2006).
Guyana Goldfields now has approximately $59-million in cash andshort-term bank guaranteed investment certificates, no remainingwarrants, and no debt. There are currently 83 million shares issued andoutstanding.
The IFC currently holds approximately 6.3 per cent of the outstanding commonshares of the company and has been a shareholder since 2006.
Claude Lemasson, president and chief operating officer, commented: "We appreciate thesupport that the IFC is providing as a significant shareholder in thecompany which demonstrates their continued commitment to ourexploration and development programs. The funds received from thiswarrant exercise will enable the company to continue aggressivelyproceeding with exploration drill programs at both Aurora and Aranka,while maintaining a solid balance sheet with minimal share dilution."
We seek Safe Harbor.