09:16 AM EDT, 04/24/2024 (MT Newswires) -- Giyani Metals ( CATPF ) , developer of the K. Hill battery-grade manganese project in Botswana, on Wednesday announced the receipt of US$5.7 million in first drawdown funds from the Industrial Development Corporation of South Africa (IDC) as part of the US$16 million South African Rand equivalent convertible loan facilities (IDC Facility).

The Demonstration plant construction continues with the recent mobilisation of the civil contractor to site in Johannesburg with the aim of supplying battery-grade manganese (HPMSM) to potential offtakers for testing in Q4 2024, post commissioning of the Demo Plant.

Danny Keating, President and CEO of the Company, said in a statement: "Completing the first drawdown of the IDC Facility is another important achievement for the company as we embark on the workstreams to take the project towards construction. Our key workstreams are in process and the company is working hard to de-risk the project for financiers and offtakers as we look to position Giyani as a dominant producer of HPMSM globally."

The IDC can convert the outstanding amount extended under the IDC Facility into shares in Thabatala Holdings Proprietary Limited.