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Giyani Gold's deal to buy Canadian financial services firm lapses

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Giyani Gold's deal to buy Canadian financial services firm lapses

Giyani GoldCorp. said on March 31 that the planned deal to acquire a Canadian financial servicescompany in a reverse takeover has lapsed.

The group had entered an indicative letter of intent inOctober 2015 with a view to acquiring Crystal Capital Wealth Corp. by means ofa reverse takeover and change of business.

Giyani is entitled to and will pursue collecting aUS$250,000 break fee. Crystal has loaned the company C$35,000 which will bededucted from the break fee owing.

It added it is pursuing opportunities to enhance shareholdervalue.

Giyani also said Mark Frewin has resigned as a director.