/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES ./ TORONTO, July 19, 2016 /CNW/ - Guyana Goldfields Inc. (TSX: GUY ) (the "Company" or "GGI") is pleased to announce that it has closed its previously announced bought deal offering (the "Offering") of 13,830,000 common shares (the "Common Shares"), at a price of C$9.40 per Common Share (the "Offering Price") for gross proceeds of approximately C$130 million. Of the 13,830,000 Common Shares sold, 12,830,000 Common Shares were issued and sold by the Company and 1,000,000 Common Shares were sold by Patrick Sheridan (the "Founding Shareholder"). The Common Shares were sold pursuant to an underwriting agreement with a syndicate of underwriters led by BMO Capital Markets, Scotiabank and RBC Capital Markets and including Cormark Securities Inc. and TD Securities Inc. (the "Underwriters").