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File: GWL NR - Financing extension (Aug 25 2016).docx

/Greywacke Exploration Ltd.


GREYWACKE EXTENDS PRIVATE PLACEMENT

SASKATOON, August 25, 2016/CNW/ - Further to its news release dated March 3, 2016, Greywacke Exploration Ltd. ("Greywa
--->cke" or the "Company") announces that it proposes to extend the closing of the non-brokered private placement announce
--->d on July 13, 2016, by an additional 45 days.  Under the terms of such placement, the Company may issue up to 10 milli
--->on units at a price of five cents per unit for gross proceeds of up to $500,000.  Each unit consists of one common sha
--->re and one non-transferable share purchase warrant, with each warrant being exercisable to purchase one additional com
--->mon 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 2,800,000 units of the Company at a price of fiv
--->e cents per unit, for aggregate gross proceeds of $140,000 (see press release of May 31, 2016). An aggregate cash comm
--->ission 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 fo
--->r current liabilities and trade payables; (2) $300,000 to evaluate and conduct due diligence on potential gold propert
--->ies; 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 proc
--->eeds 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 priorit
--->y and in such proportions as the board of directors and management of the Company determine is in the best interests o
--->f the Company.

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

A 7% 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 whi
--->ch has not been generally disclosed, the Company continues to review and conduct due diligence on a variety of gold pr
--->ojects in Canada.

The Board of Directors,


Greywacke Exploration Ltd.
602-224 4th Avenue S
Saskatoon, SK
S7K 5M5
1.306.653.2692

The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents 
--->of this press release.

Forward Looking Statements and Cautionary Notes
Statements in this document, which are not purely historical, are forward-looking statements, including any statements
---> regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements contained in th
--->is document are based on certain key expectations and assumptions made by Greywacke, including, without limitation, ex
--->pectations and assumptions respecting the outlook of exploration activity on the Company's properties and the impact o
--->n Greywacke's business and management assessment of future operations. Although the forward-looking information contai
--->ned in this press release is based upon what Greywacke's management believes to be reasonable assumptions, the Company
---> cannot assure investors that actual results will be consistent with such information. Forward-looking information ref
--->lects current expectations of management regarding future events and operating performance as of the date of this pres
--->s release.
It is important to note that actual outcomes and the Company's actual results could differ materially from those in su
--->ch forward-looking statements. Risks and uncertainties include, but are not limited to, economic, competitive, governm
--->ental, environmental and technological factors that may affect the Company's operations, markets, products and prices.
---> Readers should refer to the risk disclosures outlined in the Company's Management Discussion and Analysis of its audi
--->ted financial statements filed with the Securities Commissions.
The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. 
--->Forward-looking information reflects management's current beliefs and is based on information currently available to t
--->he Company. The forward-looking information is made as of the date of this press release and the Company assumes no ob
--->ligation to update or revise such information to reflect new events or circumstances, except as may be required by app
--->licable law.