Not For Dissemination in the United States Of America TORONTO, ON – January 20, 2021 – Graycliff Exploration Limited (the […]
Graycliff Exploration Ltd. to Expand Exploration Program with Completion of $780,000 Flow-Through Private Placement
Graycliff Exploration is pleased to report the completion of a non-brokered placement offering of 1,560,000 common shares of the Company, issued on a flow-through basis at a price of $0.50 per share for gross proceeds of $780,000. The Company intends to use the net proceeds from the Financing to expand the 2020-2021 exploration program at the Company’s Shakespeare Project in Ontario, Canada.
Graycliff Exploration announces that, effective December 16, 2020, it will begin trading on the OTCQB Venture Marketplace (“OTCQB”) under the symbol “GRYCF”. The OTCQB is a US trading platform that is operated by the OTC Markets Group in New York. Graycliff’s OTCQB information can be found on the OTC Markets’ website. With the commencement of trading on the OTCQB, Graycliff will now be available for trading on three marketplaces around the world including the Canadian Securities Exchange (“CSE”) and the Frankfurt Stock Exchange (“FSE”).
Graycliff Exploration is pleased to announce that the Company’s maiden drill program has commenced at the Shakespeare Gold Project, near Sudbury, Ontario. Graycliff will complete 2,000 metres (“m”) of core drilling in 2020. The program will initially be focused on the area surrounding the former Shakespeare Mine shaft and along strike for over six (6) kilometres following the prospective gold horizon that the Company has identified through its analysis of historical data.
Graycliff Exploration is pleased to announce that the Company has identified a new exploration target as a result of its recent visit to the property that was prompted by an in-depth review of historical data during 2020 on the Company’s Shakespeare Gold Project located on the prolific Canadian Shield near Sudbury, Ontario. The historical review identified that the exploration adit driven into the 3rd level (the “#3 Adit”) of the past producing Shakespeare Gold Mine was historically sampled, however it was never drilled or mined. Following the site visit, which confirmed easy access to the area, Graycliff is now considering the possibility of re-opening the #3 Adit. This would allow the exploration team access to carry out channel sampling along the mineralized gold zones and to drill a greater number of shorter, targeted core holes from the underground access tunnel.
Graycliff Exploration is pleased to announce that the Company has acquired additional mining claims comprising approximately 330 hectares at the Company’s Shakespeare Gold Project located on the prolific Canadian Shield near Sudbury, Ontario. Graycliff’s ground package now comprises 847 hectares. The New Claims are comprised of two blocks totalling 15 mining claims, which are located to the northeast and southwest of the past producing Shakespeare Mine.
Graycliff Exploration Limited is pleased to announce the commencement of the 2020 exploration program on the Company’s 517 hectare Shakespeare Gold Project located on the prolific Canadian Shield near Sudbury, Ontario. As part of the 2020 exploration plan, the Company will focus primarily around the brownfields area surrounding the past producing Shakespeare gold mine.
Graycliff Exploration Limited. is pleased to report that is has completed a non-brokered private placement offering that was primarily with one strategic investor for a gross proceeds of $530,000, subject to final regulatory and exchange approvals. The Financing consists of 5% unsecured convertible debentures at an issue price of $1,000 per Debenture. The Debenture will have a maturity of twenty-four (24) months from the closing date of the Financing and will bear interest at a rate of 5% per annum, payable at maturity in cash or common shares of the Company at the conversion price.
Graycliff Exploration is pleased to announce that Mr. Bruce Durham and Mr. Don McKinnon Jr. have joined the Company’s Technical Advisory Board. Both new Advisory Board members bring extensive experience and have deep knowledge of the area hosting Graycliff’s Shakespeare Project. Mr. Durham will also serve as the Company’s Qualified Person (“QP”).
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