Guyana Goldfields Inc Announces Closing Of CAD100 Million Offering

Guyana Goldfields Inc announced that it has closed its previously announced bought deal offering (the Offering) pursuant to which the Company has issued 29,420,000 common shares (the Common Shares), at a price of CAD3.40 per Common Share for gross proceeds of approximately CAD100 million. The Common Shares were sold pursuant to an underwriting agreement with a syndicate of underwriters led by BMO Capital Markets and including Cormark Securities Inc., RBC Dominion Securities Inc., Scotia Capital Inc., Raymond James Ltd., TD Securities Inc. and Paradigm Capital Inc. The net proceeds of the Offering will be used to fund the development of the Aurora Gold Project, for exploration expenditures and for general corporate purposes. The Company has also granted the Underwriters an option, exercisable at the offering price for a period of 30 days following the closing of the Offering, to purchase up to an additional 4,413,000 Common Shares of the Company to cover over-allotments, if any, and for market stabilization purposes.