An anonymous director reports

GREYWACKE EXTENDS PRIVATE PLACEMENT

Further to its news release dated March 3, 2016, Greywacke Exploration Ltd. proposes to extend the closing of the non-brokered private placement announced on July 13, 2016, by an additional 45 days. Under the terms of such placement, the company may issue up to 10 million units at a price of five cents per unit for gross proceeds of up to $500,000. Each unit consists of one common share and one non-transferable share purchase warrant, with each warrant being exercisable to purchase one additional common share at 10 cents per share for a period of 12 months from the date of closing.

To date, the company has closed one tranche of the financing, issuing 2.8 million units of the company at a price of five cents per unit for aggregate gross proceeds of $140,000 (see press release of May 31, 2016). An aggregate cash commission of $8,050 was paid in connection with the closing for the first tranche.

Assuming the offering is fully subscribed, the company intends to allocate the net proceeds as follows: (1) $60,000 for current liabilities and trade payables; (2) $300,000 to evaluate and conduct due diligence on potential gold properties; and (3) the balance for general working capital purposes.

Although the company intends to use the proceeds of the offering as described above, the actual allocation of net proceeds may vary from the uses set forth above depending on future operations or unforeseen events or opportunities. If the offering is not fully subscribed, the company will apply the proceeds of the offering to the above uses in priority and in such proportions as the board of directors and management of the company determine are in the best interests of the company.

Completion of the private placement is subject to receipt of all regulatory approvals, including the approval of the Canadian Securities Exchange. All securities issued pursuant to the private placement will be subject to a statutory four-month hold period.

A 7-per-cent commission or finders' fee may be paid in cash or shares to registered dealers or qualified arm's-length parties on the proceeds raised. Company insiders may participate in the private placement.

The company confirms that, although, currently, there is no material fact or material change related to the company which has not been generally disclosed, the company continues to review and conduct due diligence on a variety of gold projects in Canada.

We seek Safe Harbor.