NOT FOR DISTRIBUTION TO U.S. NEWSWIRES OR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, April 14, 2025 (GLOBE NEWSWIRE) -- Mark Jarvis, CEO of Giga Metals Corp. (TSX.V – GIGA) (“Giga& or the “Company&) announced today that Giga has completed an additional and final tranche (the “Second Tranche&) of its previously announced non-brokered private placement (the “Private Placement&).
The Private Placement consists of units (“Units&) issued at a price of $0.10 per Unit. Each Unit consists of one common share and one common share purchase warrant (a “Warrant&). Each Warrant entitles the holder to acquire one additional common share at an exercise price of $0.15 for three years following the date of issuance. Pursuant to the Second Tranche of Private Placement, which completed today, Giga issued 250,000 Units for gross proceeds of $25,000.
Pursuant to the first tranche (the “First Tranche&) of the Private Placement, which completed on April 4, 2025, Giga issued 4,320,000 Units for gross proceeds of $432,000. In connection with the First Tranche, Giga paid certain arm&s length parties $14,920 as finder and brokerage fees and issued 141,200 finders& warrants (“Finders& Warrants&). Each Finders& Warrant entitles the holder to acquire one common share at an exercise price of $0.15 for one year from the date of issuance.
All securities issued pursuant to the Private Placement are subject to a statutory hold period of four months and one day from the date of issuance. Proceeds of the Private Placement will be used for general corporate purposes.
Mark Jarvis, CEO of Giga, purchased 250,000 Units in the First Tranche of Private Placement. The participation of Mr. Jarvis in the Private Placement constitutes a “related party transaction& pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101&). The Company has determined that the transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61- 101 by virtue of the exemptions contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of securities issued to Mr. Jarvis nor the consideration paid by Mr. Jarvis exceeded 25 percent of the Company&s market capitalization. The Company did not file a material change report in respect of the transaction 21 days in advance of closing of the First Tranche of Private Placement because Mr. Jarvis& participation had not been confirmed. The shorter period was necessary to permit the Company to close the First Tranche Private Placement in a timeframe consistent with the usual market practice for transactions of this nature.
About Giga Metals Corporation
Giga Metals Corporation&s core asset is the Turnagain Project, located in northern British Columbia, which contains one of the few significant undeveloped sulphide nickel and cobalt resources in the world. Turnagain is held in Hard Creek Nickel, a subsidiary owned 85% by Giga Metals Corporation and 15% by Mitsubishi Corporation. The Pre-Feasibility Study was released in October 2023.
Forward-looking Statements
Certain statements in this news release are forward-looking statements, which reflect the expectations of the Company. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements include, but are not limited to, the use of proceeds of the Private Placement. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including management&s discretion to reallocate the net proceeds of the Private Placement. These forward-looking statements are made as of the date of this news release and, except as required by applicable securities laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.
On behalf of the Board of Directors,
MARK JARVIS
CEO
Contact Information
Office Phone: +1 (604) 681-2300
Investor Inquiries: info@gigametals.com
Company Website: www.gigametals.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
#604-700 West Pender Street, Vancouver, BC V6C 1G8
www.gigametals.com
Tel: 604 681 2300
