IFC Invests $5,397,000 in Guyana Goldfields Inc.TORONTO -- Guyana Goldfields n. 1. A small slender woolly annual (Lasthenia chrysostoma) with very narrow opposite leaves and branches bearing solitary golden-yellow flower heads; it grows from Southwestern Oregon to Baja California and Arizona; - it is often cultivated. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :GUY) is pleased to announce that it has raised $5,397,600 pursuant to its financing originally announced on January 6, 2006. In connection with the financing, Guyana issued 1,730,000 units (the "Units") at a price of $3.12 per Unit to International Finance Corporation. Each Unit consists of one common share of Guyana and one share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one additional common share of Guyana at a price of $4.40 per common share until March 8, 2011. Completion of the financing remains subject to the final approval of the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. . The International Finance Corporation ("IFC (Internet Foundation Classes) A class library from Netscape that provides an application framework and graphical user interface (GUI) routines for Java programmers. IFC was later made part of the Java Foundation Classes (JFC). See JFC, AFC and AWT. See also ICF. ") is the private sector arm of the World Bank Group. This is IFC's first mining investment in the country and the major objective is to encourage sustainable business A business is sustainable if it has adapted its practices for the use of renewable resources and holds itself accountable for the environmental and human rights impacts of its activities. practices in Guyana's mining sector, promote local economic development and facilitate partnerships between civil society and private enterprise. With the financing, IFC will assist the Company to reduce environmental impacts and improve benefits to local communities by supporting environmental and social impact assessments, exploration activities and a commercial and technical assessment (bankable bank·a·ble adj. 1. Acceptable to or at a bank: bankable funds. 2. Guaranteed to bring profit: a bankable movie star. feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. ) during the early stages of the development of the Aurora Project
"We are delighted to partner with Guyana Goldfields in an investment that helps Guyana develop valuable mineral resources Noun 1. mineral resources - natural resources in the form of minerals natural resource, natural resources - resources (actual and potential) supplied by nature in an environmentally and socially responsible way," said Rashad Kaldany, IFC's Director for Oil, Gas, Mining and Chemicals Department. He added, "We are excited to work with a company that shares our commitment to sustainable development Sustainable development is a socio-ecological process characterized by the fulfilment of human needs while maintaining the quality of the natural environment indefinitely. The linkage between environment and development was globally recognized in 1980, when the International Union ." Patrick Sheridan, President and Chief Executive Officer of Guyana Goldfields Inc., said: "We are pleased to see IFC's support and confidence in the project. The partnership with the IFC recognizes our mutual commitment to social responsibility and will benefit the region." About International Finance Corporation The International Finance Corporation is the private sector arm of the World Bank Group and is headquartered in Washington, D.C. IFC coordinates its activities with the other institutions of the World Bank Group but is legally and financially independent. Its 178 member countries provide its share capital and collectively determine its policies. The mission of IFC is to promote sustainable private sector investment in developing and transition countries, helping to reduce poverty and improve people's lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses. From its founding in 1956 through 2005, IFC has committed more than US$49 billion of its own funds and arranged US$24 billion in syndications for 3,319 companies in 140 developing countries. IFC's worldwide committed portfolio as of 2005 was US$19.3 billion for its own account and US$5.3 billion held for participants in loan syndications. For more information, visit www.ifc.org. About Guyana Goldfields Guyana Goldfields Inc is a Canadian based mineral exploration Company primarily focused on the exploration and development of gold deposits in the Guiana Shield of South America. The Guiana Shield is in the northern part of the Amazon Craton craton (krā`tŏn): see continent. and covers parts of Guyana, Venezuela, Suriname, French Guyana and northern Brazil. The Company holds advanced exploration projects in various stages of development and has been operating in Guyana continuously since 1996. The Company currently has approximately $11.9 million in cash and no debt. Additional Information Information is available on the Company's website at www.guygold.com and on www.sedar.com and through the Company's offices at: 141 Adelaide Street West Suite 301 Toronto, Ontario, Canada M5H 3L5 The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Guyana Goldfields Inc. (TSX:GUY) |
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