02:30:58 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Graycliff Exploration Ltd
Symbol GRAY
Shares Issued 19,445,843
Close 2021-04-15 C$ 0.74
Market Cap C$ 14,389,924
Recent Sedar Documents

Graycliff Exploration closes $2.43-million financing

2021-04-15 17:48 ET - News Release

Mr. James Macintosh reports

GRAYCLIFF EXPLORATION FULLY FUNDED THROUGH TO 2022 WITH COMPLETION OF $2.4 MILLION PRIVATE PLACEMENT

Graycliff Exploration Ltd. has completed a non-brokered private placement offering of 1,246,333 non-flow-through (NFT) units at 75 cents per NFT unit and 1,875,000 flow-through (FT) shares at a price of 80 cents per FT share of the company for gross proceeds of $2,434,750.

Each NFT unit consists of one common share, which is not a flow-through share, and one-half purchase warrant (NFT warrant). Each whole NFT warrant will entitle the holder to purchase one additional common share, which is not a flow-through share, at a price of $1 for two years from the closing.

"We are pleased to report that, with the completion of this private placement, we are now fully funded through to 2022 and will extend our exploration drilling at Shakespeare to phase 3. Presently, we are well into our phase 2 drilling, with the completion of 11 holes, and expect to start releasing assay results later this quarter," stated James Macintosh, president and chief executive officer. "We would like to welcome all of our new investors and extend our gratitude for the support from both existing and new shareholders. We look forward to continuing to derisk Shakespeare."

Graycliff intends to use the net proceeds from the financing to continue the exploration program at the company's Shakespeare project in Ontario, Canada.

The company paid finder's fee commissions of $167,808 cash and issued 214,993 finder warrants on the financing. Each finder warrant has a strike price of 75 cents per share and an expiry two years from the closing.

The company also provides comments regarding the recent trading activity. Graycliff's management is unaware of any material change in the company that would account for the recent market volatility.

About Graycliff Exploration Ltd.

Graycliff Exploration is a mineral exploration company focused on its 945 hectares of prospective ground, located roughly 80 kilometres west of Sudbury on the prolific Canadian Shield. The company's Shakespeare project consists of one Crown patented lease, two Crown leases and 40 claims on a property associated with the historic Shakespeare gold mine, which operated from 1903 to 1907.

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