Key Developments: Guyana Frontier Mining Corp (GYG.V)
0.01CAD
25 Apr 2013
$-0.00 (-33.33%)
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38,000
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Latest Key Developments (Source: Significant Developments)
Guyana Frontier Mining Corp Appoints Gnissios As President, CEO-Canada Stockwatch News
Canada Stockwatch News reported that Guyana Frontier Mining Corp. has appointed Evangelos (Gelly) Gnissios as the new President and Chief Executive Officer (CEO) for the Company, effective December 31, 2012. Mr. Gnissios is currently the corporate secretary for Guyana Frontier and is a member of the Board of Directors. He has served as Chief Financial Officer (CFO) for Guyana Frontier since July 1, 2012; the Company is actively searching for a replacement Chief Financial Officer (CFO). Guyana Frontier reports that Warren Stanyer has been terminated as Chief Executive Officer (CEO) and has resigned from the Board of Directors of the Company. Full Article
Guyana Frontier Mining Corp Announces Termination Of Horizonte Minerals Plc's Falcao Gold Project Acquisition
Guyana Frontier Mining Corp announced that the proposed acquisition of the Falcao Gold Project from a subsidiary of Horizonte Minerals Plc., originally announced in Guyana Frontier's news release dated November 6, 2012 , has been terminated. Under the terms of acquisition agreement between Guyana Frontier and Horizonte's subsidiary, it was a condition precedent to completion of Acquisition that Guyana Frontier's shareholders approve a share consolidation on a ratio of between one for two and one for ten, with the final ratio of share consolidation to be agreed upon by Guyana Frontier and Horizonte's subsidiary. At the annual and special meeting of Guyana Frontier's shareholders, Guyana Frontier's management sought shareholder approval of a resolution in accordance with Share Consolidation Approval Requirement, approving a share consolidation on a range of between one for two and one for ten. The foregoing resolution did not receive required special majority approval, and Guyana Frontier's shareholders instead approved a share consolidation on a ratio of one for four, which did not fulfill Share Consolidation Approval Requirement. On December 28, 2012 , Horizonte provided notice to Guyana Frontier that it was terminating Acquisition on the basis that Guyana Frontier would be unable to meet Share Consolidation Approval Requirement prior to outside closing date for Acquisition under terms of the Acquisition Agreement. Full Article
Guyana Frontier Mining Corp Announces Board Changes
Guyana Frontier Mining Corp announced the appointments of Mr. Neil Allen as Chair of the Board, Mr. Warren Stanyer as Chief Executive Officer, and Mr. Evangelos Gnissios as Chief Financial Officer and Corporate Secretary. Full Article
Guyana Frontier Mining Corp Announces Acquisition Of Horizonte Minerals Plc's Property and Private Placement Agreement
Guyana Frontier Mining Corp announced that it has signed a definitive share purchase agreement to acquire the Falcao Gold Project located in northern Brazil by purchasing all of the shares of a subsidiary company of Horizonte Minerals Plc of London, England. Falcao is subject to an option agreement with AngloGold Ashanti Limited whereby AngloGold can earn an initial 51% interest in the Project by incurring USD4.5 million in exploration expenditures on the Project. The purchase price for Falcao payable by Guyana Frontier to Horizonte is CDN$4,200,000, which will be satisfied by the issuance of 84,000,000 common shares of Guyana Frontier at a deemed price of $0.05 per Consideration Share (the Acquisition Transaction). In connection with the signing of the Agreement, Horizonte has subscribed on a private placement basis for 8,000,000 units of Guyana Frontier at a price of $0.05 per Unit, to raise gross proceeds to Guyana frontier of $400,000. Each Unit consisted of one common share and one common share purchase warrant, with each Warrant exercisable to acquire an additional common share of Guyana Frontier at an exercise price of $0.10 for a period of two years from the date of closing of the Placement. Upon closing the Acquisition Transaction, including the common shares purchased by Horizonte in the Placement, Horizonte will beneficially own approximately 47.1% of the issued and outstanding common shares of Guyana Frontier. Full Article
Guyana Frontier Mining Corp. Closes Second Tranche Of Private Placement
Guyana Frontier Mining Corp. announced that it has completed the second tranche (the Second Tranche) of a non-brokered private placement (the Private Placement), initially announced in Guyana Frontier's news release dated May 18, 2012. The Second Tranche, which closed July 6, 2012, consisted of the issuance of an aggregate of 1,772,222 units at a price of $0.06 per Unit, raising further gross proceeds of $106,333. Each Unit is comprised of one common share of Guyana Frontier and one common share purchase warrant. Each Warrant will be exercisable to acquire one additional common share of Guyana Frontier at an exercise price of $0.10 per share, at any time for a one year period following issuance. The proceeds of the Private Placement will be used for the exploration of Guyana Frontier's mineral properties and for general working capital purposes. All securities issued in the Second Tranche will be subject to a four-month hold period pursuant to applicable securities laws, expiring on November 7, 2012. There are no finder's fees payable with respect to the closing of the Second Tranche. The Private Placement has closed two tranches, with the first tranche, which closed on June 8, 2012, consisting of the issuance of an aggregate of 5,568,000 Units to raise gross proceeds of $334,080 (Guyana Frontier news release dated June 12, 2012). The two tranches of the Private Placement have raised aggregate gross proceeds of $440,413through the issuance of a total of 7,340,222 Units. Full Article
Guyana Frontier Mining Corp. Announces CFO Change
Guyana Frontier Mining Corp. announces Mr. Khalid Amlani has resigned as Chief Financial officer to pursue other business interests. Mr. Amlani will continue to consult to the Company on a time-to-time basis. Mr. Evangelos (Gelly) Gnissios, Corporate Secretary for the Company, will assume the role as acting Chief Financial Officer until a successor is recruited. Mr. Warren Stanyer, President and CEO, and Chairman of the Company will reduce his role to a half-time position effective July 1, 2012, with a reduction in salary. Full Article
Guyana Frontier Mining Corp. Closes First Tranche Of Private Placement
Guyana Frontier Mining Corp. announced that it has completed the first tranche (the First Tranche) of a non-brokered private placement (the Private Placement), initially announced in Guyana Frontier's news release dated May 18, 2012. In the Private Placement, Guyana Frontier will raise maximum aggregate gross proceeds of up to $1,000,000 through the issuance of up to 16,666,667 units (each a Unit) at a price of $0.06 per Unit. Each Unit will be comprised of one common share of Guyana Frontier and one common share purchase warrant (a Warrant). Each Warrant will be exercisable to acquire one additional common share of Guyana Frontier at an exercise price of $0.10 per share, at any time for a one year period following issuance. The First Tranche, which closed on June 8, 2012, consisted of the issuance of an aggregate of 5,568,000 Units, raising gross proceeds of $334,080. The proceeds of the Private Placement will be used for the exploration of Guyana Frontier's mineral properties and for general working capital purposes. All securities issued in the First Tranche will be subject to a four-month hold period pursuant to applicable securities laws, expiring on October 9, 2012. Full Article
Guyana Frontier Mining Corp. Announces Warrants Exercise As Part Of Previous Private Placement
Guyana Frontier Mining Corp. announced that Mulgravian Ventures Corporation, a non-arm's length private B.C. company, has exercised common share purchase warrants to acquire 500,000 common shares of Guyana Frontier at a price of $1.20 per share, for gross proceeds to Guyana Frontier of $600,000. The Warrants were issued as part of the $600,000 non-brokered private placement previously announced in Guyana Frontier news releases dated April 28, 2009 and May 3, 2011. The exercise of the Warrants is one of the option exercise requirements, which includes incurred exploration expenditures of USD5.0 Million over a period of four years, in respect of Mulgravian's option to acquire a 51% joint venture interest in Guyana Frontier's Guiana Shield Resources Inc. property package. Full Article
Guyana Frontier Mining Corp. Announces Private Placement
Guyana Frontier Mining Corp. announced that it is arranging a non-brokered private placement to raise aggregate gross proceeds of up to $1,000,000 through the issuance of up to 16,666,667 units at a price of $0.06 per Unit. Each Unit will be comprised of one common share of Guyana Frontier and one common share purchase warrant. Each Warrant will be exercisable to acquire one additional common share of Guyana Frontier at an exercise price of $0.10 per share, at any time for a one year period following issuance. The proceeds of the Private Placement will be used for continued exploration and development of Guyana Frontier's mineral properties and for general working capital purposes. All securities issued in the Private Placement will be subject to a four-month hold period pursuant to applicable securities laws. A commission and finder's fee of 8% cash and 8% finder's warrants may be payable to parties at arm's length to the Guyana Frontier that have introduced Guyana Frontier to certain subscribers to the Private Placement. Each Finder's Warrant will entitle the holder thereof to purchase a common share in Guyana Frontier at a price of $0.10 per share, at any time for a one year period following issuance. Full Article
Guyana Frontier Mining Corp. Announces Exercise Of Warrants
Guyana Frontier Mining Corp. announced that Mulgravian Ventures Corporation (Mulgravian), a non-arm's length private B.C. company, has exercised common share purchase warrants to acquire 175,000 common shares of Guyana Frontier at a price of $1.20 per share (the Warrants), for gross proceeds to Guyana Frontier of $210,000. The Warrants were issued as part of the $210,000 non-brokered private placement previously announced in Guyana Frontier news release dated January 8, 2010 and November 23, 2010. The exercise of the Warrants was also one of the option exercise requirements in respect of Mulgravian's option to acquire a 51% joint venture interest in Guyana Frontier's Five Star Project. Full Article
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