Graycliff Exploration Fully Funded Through to 2022 with Completion of $2.4 Million Private Placement
HomeNewsGraycliff Exploration Fully Funded Through to 2022 with Completion of $2.4 Million Private Placement
TORONTO, ON / ACCESSWIRE / April 15, 2021 / Graycliff Exploration Limited (the “Company” or “Graycliff“) (CSE:GRAY)(OTCQB:GRYCF)(FSE:GE0) is pleased to report the completion of a non-brokered private placement offering of 1,246,333 non-flow-through units (the “NFT Unit“) at $0.75 per NFT Unit and 1,875,000 flow-through shares (“FT Share“) at a price of $0.80 per FT Share of the Company (the “Financing“) 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 $1.00 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 CEO. “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 de-risk 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’s warrants on the Financing. Each finder’s warrant has a strike price of $0.75 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 Limited
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.
On Behalf of the Board of Directors,
President and CEO
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward-looking information is based on are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.