scheduled to close on or about April 24, 2012, measured and indicated resource of 5.71 million ounces gold with exploration upside, what am I missing here, trading at $2.68 and a takeover taget
TORONTO, April 11, 2012 /PRNewswire/ - Guyana Goldfields Inc. (TSX: GUY) ("GGI" or "the Company") is pleased to announce a non-brokered private placement pursuant to which GGI proposes to issue 8,391,069 common shares at a price of $2.91 per share for aggregate gross proceeds of approximately $24,418,010.
The Baupost Group, L.L.C., a Boston, Massachusetts based institutional investor, has agreed to purchase 7,891,069 common shares in the private placement for approximately $22,963,010 in aggregate proceeds. Upon closing of the private placement, The Baupost Group will hold an aggregate of 16,928,669 common shares (or approximately 18.3%) of the Company and will have the right to appoint an independent director to the Company's Board of Directors.
In addition, Patrick Sheridan. Jr., the Chief Executive Officer and Interim President & Chief Operating Officer of GGI, has agreed to purchase 500,000 common shares in the private placement for $1,455,000 in aggregate proceeds.
The offering is scheduled to close on or about April 24, 2012, and is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals, including the approval of the Toronto Stock Exchange, and completion of definitive documentation. The shares issued upon the closing of the private placement will be subject to a 4-month hold period.
Patrick Sheridan Jr, Chief Executive Officer and Interim President and Chief Operating Officer, states, "We are excited to have a large institutional investor as a partner and reaffirms our viewpoint that the Aurora Gold Project continues to be a robust asset. This provides us with a strong capital position to produce a revised Feasibility Study."
The net proceeds of the private placement will be used towards the strategic plans for 2012 outlined below and to continue exploration of the Company's portfolio of gold exploration properties in Guyana, South America.
TORONTO, April 16, 2012/CNW/ - GuyanaGoldfields Inc. (TSX: GUY) ("GGI" or "the Company") is pleased to announce that it has increased the size of its financing originally announced on April 11, 2012by an additional 2,500,000 common shares. The financing now consists of a total of 10,891,069 common shares (the "Offered Shares") at a price of $2.91per share to raise aggregate gross proceeds of $31,693,010.
Franklin Advisers, Inc. has agreed to purchase, on behalf of certain managed funds, the additional 2,500,000 common shares for approximately $7,275,000in aggregate proceeds. Upon closing of the private placement, these funds will hold an aggregate of 10,653,100 common shares (or approximately 11.2%) of the Company.