Canadian mining firm Giyani Gold acquires 57.7% stake in Canoe Mining

By VCPOST Staff Reporter

Dec 09, 2013 04:57 AM EST

Canadian gold mining firm Giyani Gold Corp had acquired a 57.7% shareholding in newly-launched company Canoe Mining Ventures. This was according to a report published by Creamer Media's Mining Weekly.

The Canadian exploration acquired its interest in Canoe Mining through a securities exchange deal. Giyani exchanged all of its common shares in its subsidiary 2299895 Ontario for a 57.7% stake in Canoe Mining, the report explained. As a result of the said deal, Canoe Mining had acquired all of the Canadian exploration permits of Giyani's subsidiary. These permits include the Abbie-Lake property, the minor Canadian exploration properties, and the Keating and the Killins properties, the report detailed.

Canoe Mining is expected to initially start exploration and drilling projects on the Keating and Killins properties. Giyani, on the other hand, would focus on its South African gold project and would continue to evaluate acquisition targets in the said area, Creamer Media's Mining Weekly reported.

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