TSX-V-listed Giyani Metals has announced a non-brokered private placement of up to 50-million units at a price of $0.06 a unit to raise aggregate gross proceeds of up to C$3-million to support company workstreams, activities and general working capital.

Each unit will comprise one common share in the capital of the company and one-half of one common share purchase warrant of the company.

The company says each warrant shall entitle the holder thereof to acquire one common share at a price of $0.085 a common share for a period of 36 months from the closing date of the offering.

The company says it expects to pay finder’s fees in connection with the offering to certain eligible finders in the form of a cash commission of 6% of the gross proceeds raised under the offering from investors introduced to the company by the finder; and the issuance of such number of non-transferable common share purchase warrants of the company equal to 6% of the units issued under the offering from investors introduced to the company by the finder.

All securities issued or made issuable pursuant to the offering will be subject to a hold period of four months plus a day from the date of issuance.

Giyani notes that closing of the offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the TSX-V.

The company is in ongoing discussions with offtakers for battery-grade manganese products, including high-purity manganese oxide (HPMO) and high-purity manganese sulphate monohydrate (HPMSM), produced at its K.Hill project, in Botswana.

Giyani says the demo plant is currently on track to produce HPMSM in the third quarter of this year, while the definitive feasibility study (DFS) remains on track for completion in the first quarter of 2026.

Members of the board and senior management are expected to participate in the offering.

“We are pleased with the support shown thus far by new and existing investors, which reflects confidence in our long-term strategy to deliver sustainable, low-carbon high-purity battery-grade manganese products for the electric vehicle and energy storage system industries,” says Giyani CEO and president Charles FitzRoy.

He adds that the funds raised will provide Giyani with the flexibility and resources needed to capitalise on upcoming growth opportunities, including producing HPMSM from the demo plant this quarter, delivering the DFS next year and positioning the company to progress towards project financing.

Meanwhile, Giyani notes that the production ramp-up phase continues to advance and the team continues to work progressively towards first production of HPMSM in the third quarter of this year.

The learnings from the demo plant will support further optimisation of the anticipated design and engineering, and process flowsheet, which aims to reduce the commercial plant’s operating cost and carbon profile.

The inputs from the demo plant operations will be used in the DFS.

Giyani explains that demand for manganese is set to rise significantly, driven by advancements in battery technologies that increasingly favour higher manganese content owing to its stabilising properties.

From 2028 onwards, new battery chemistries being developed will require greater quantities of HPMSM and HPMO as critical inputs.

The company says this shift in demand is largely attributed to the growing adoption of electric vehicles and energy storage solutions, both of which rely on next-generation batteries with enhanced performance and safety profiles.

“Giyani is uniquely positioned to capitalise on this market evolution. The company benefits from assets located in a supportive jurisdiction, enabling it to align its project timelines with the anticipated surge in demand for HPMSM and HPMO,” it says.