Guyana Goldfields Inc. Announces Closing of Private Placement to Raise $31,693,010
/NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES/
TORONTO, April 25, 2012 /CNW/ - Guyana Goldfields Inc. ("GGI" or "the Company") (TSX: GUY) is pleased to announce that it has closed its previously announced non-brokered private placement (the "Offering") pursuant to which it has issued an aggregate of 10,891,069 common shares ("Shares") at a price of C$2.91 per Share to raise aggregate gross proceeds of approximately C$31,693,010.
In addition, funds managed by Franklin Advisors, Inc. ("Franklin") purchased an aggregate of 2,500,000 Shares in the Offering, and Mr. Patrick Sheridan who serves as the Chief Executive Officer and interim President and Chief Operating Officer of Guyana purchased an aggregate of 500,000 Shares in the Offering. Following the closing, Franklin and Mr. Sheridan hold approximately 11.2% and 5.8% of all of the issued and outstanding Shares, respectively. – Guyana Goldfields press release continues at the link below.
April 25, 2012 (Source: Guyana Goldfields)
Disclosure: Guyana Goldfields is a Vulture Bargain Candidate of Interest (VBCI). Members of the GGR team are actively accumulating and may hold long positions in GUY.T or GUYFF.