Bullboard - Stock Discussion Forum Graycliff Exploration Ltd C.GRAY

Alternate Symbol(s): GRYCF

Graycliff Exploration Limited is a Canada-based mineral exploration company. The Company is focused on its approximately 1,468 hectares of prospective ground, located roughly 80 kilometers west of Sudbury on the prolific Canadian Shield. The Company's Shakespeare Project consists of one crown patented lease, two crown leases and approximately 40 claims on a property associated with the historic... see more

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Graycliff Exploration Ltd > Graycliff Announces Conversion of its Convertible Debentures

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Post by alphaflight on Apr 06, 2021 9:50am

Graycliff Announces Conversion of its Convertible Debentures

Graycliff Exploration Announces Early Conversion of

its Convertible Debentures

TORONTO, ON – April 6, 2021 - Graycliff Exploration Limited (the “Company” or “Graycliff”) (CSE: GRAY) (OTCQB: GRYCF) (FSE: GE0) is pleased to announce that it received notice of conversion pertaining to convertible debentures issued in September 2020 (the “Financing”) (See Press Release dated September 25, 2020).

Both strategic shareholders from the Financing have informed the Company they are converting their Debentures into Graycliff common shares ahead of the maturity date.

The Financing was comprised of $530,000 of 5% unsecured convertible debentures (the “Debentures”) at an issue price of $1,000 per Debenture. The Debentures were to mature on September 24, 2022 and were convertible into common shares of Graycliff at a price of $0.60 per common share.

As a result of the early conversion, the Company has issued 905,961 common shares, including 22,628 common shares that were issued for the accrued interest on the Debentures. The Company now has no debt.

About Graycliff Exploration Limited.

Graycliff Exploration is a mineral exploration company focused on its 847 hectares of prospective ground, located roughly 80 kilometres west of Sudbury on the prolific Canadian Shield. The Company's Shakespeare Project consists of 39 claims on a property associated with the historic Shakespeare Gold Mine, which operated from 1903 to 1907.