Key Developments: Guyana Goldfields Inc (GUYFF.PK)
1.34USD
17 May 2013
$-0.17 (-11.49%)
$1.51
$1.43
$1.43
$1.34
15,200
58,968
$4.38
$1.34
Latest Key Developments (Source: Significant Developments)
Guyana Goldfields Inc Secures Engineering Contract For Early Works At Aurora Gold Project
Guyana Goldfields Inc announced that it has awarded its detailed engineering contract for early works at the Aurora Gold Project (Aurora). The Company has engaged Tetra Tech Inc., the author of the Updated Aurora Feasibility Study, for detailed engineering and design of early works at Aurora. Detailed engineering of the early works will be completed over the next 2 months and will include the construction drawings for the tailings storage facility, river dike, and water diversion dams. In addition, GGI has carried out direct discussions with various potential consultants and contractors for EPCM or EPC contracts that have recently designed and/or constructed mines of similar size, scope, geographical, and climatic conditions to Aurora. Full Article
Guyana Goldfields Inc Closes Private Placement Financing With International Finance Corp (IFC)
Guyana Goldfields Inc announced that it has closed its previously announced private placement financing with the International Finance Corp (IFC) of the World Bank Group pursuant to which IFC subscribed for an aggregate of 1,633,335 common shares of the Company (the Common Shares), at a price of C$3.40 per Common Share for aggregate gross proceeds of C$5,553,339 (the Offering). The IFC now holds an aggregate of 6,911,516 Common Shares (or 5.5%) of the Company. 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 Offering remains subject to the final approval of the Toronto Stock Exchange. Full Article
Guyana Goldfields Inc Announces Resignation Of President And Chief Operating Officer
Guyana Goldfields Inc announced the resignation of Mr. Marcel. F. DeGuire as President and Chief Operating Officer (COO) of the Company effective July 15, 2013. Mr. DeGuire is resigning for personal reasons and remains available to assist the Company in advancing the development of the Project. Moving forward, the Company will immediately begin a search for a new President & COO to be based at the corporate head office in Toronto. Full Article
Guyana Goldfields Inc Announces Private Placement Financing
Guyana Goldfields Inc announced that it has entered into an agreement with the International Finance Corporation (IFC) of the World Bank Group pursuant to which IFC has subscribed for an aggregate of 1,633,335 common shares of the Company (the Common Shares), at a price of CAD3.40 per Common Share for aggregate gross proceeds of CAD5,553,339 (the Offering). Upon closing of the Offering, the IFC will hold an aggregate of 6,911,516 Common Shares (or 5.55%) of the Company. 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 Offering remains subject to the final approval of the Toronto Stock Exchange. Full Article
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. Full Article
Guyana Goldfields Inc Announces CAD100 Million Bought Deal Financing
Guyana Goldfields Inc announced that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets, as bookrunner, under which the underwriters have agreed to buy on a bought deal basis by way of a short form prospectus, 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 Offering). The Company has 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 15% of the Offering to cover over-allotments, if any. The offering is expected to close on February 22, 2013 and is subject to the Company receiving all necessary regulatory approvals. The net proceeds of the offering will be used to fund the development of the Aurora Gold project and for general corporate purposes. Full Article
Guyana Goldfields Inc Announces Mr. Marcel F. DeGuire As President And Chief Operating Officer
Guyana Goldfields Inc announced the appointment of Marcel (Mac) F. DeGuire as President and Chief Operating Officer of the Company, effective October 3, 2012. Full Article
Guyana Goldfields Inc Announces Closing of Private Placement to Raise CAD31,693,010
Guyana Goldfields Inc announced that it has closed its previously announced non brokered private placement pursuant to which it has issued an aggregate of 10,891,069 common shares at a price of CAD2.91 per Share to raise aggregate gross proceeds of approximately CAD31,693,010. The Baupost Group LLC a Boston, Massachusetts based institutional investor, purchased 7,891,069 Shares in the Offering for approximately CAD22,963,010 in aggregate proceeds. Upon the closing of the Offering, Baupost holds approximately 18.5% of the outstanding Shares, and has the right to appoint an independent director to the Company's Board of Directors. The securities issued in connection with the Offering have a hold period expiring on August 25, 2012. The net proceeds of the Offering will be used towards the strategic plans for 2012 outlined in the Company's press release of April 11, 2012, and to continue exploration of the Company's portfolio of gold exploration properties in Guyana, South America. Full Article
Guyana Goldfields Inc. Announces Proposed Private Placement
Guyana Goldfields Inc. announced 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. The shares issued upon the closing of the private placement will be subject to a four-month hold period. 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. Full Article
Guyana Goldfields Inc Announces Senior Management Changes
Guyana Goldfields Inc announced that Mr. Claude Lemasson has resigned as President and Chief Operating Officer (COO) of the Company with effect on April 9, 2012 and as a Director of the Board immediately. Mr. Patrick Sheridan, Jr., Chief Executive Officer of the Company will replace Mr. Lemasson on a temporary basis until a successor is appointed. Patrick is the founder of GGI and was formerly the President prior to the appointment of Mr. Lemasson in 2009. Full Article
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