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 Exploration Closes Flow-Through Private Placement

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Post by alphaflight on Dec 08, 2021 7:01pm

Graycliff Exploration Closes Flow-Through Private Placement

Fully funded for an expanded 2022 exploration program

TORONTO, ON - December 8, 2021 - Graycliff Exploration Limited (the “Company” or “Graycliff”) (CSE: GRAY) (OTCQB: GRYCF) (FSE: GE0) is pleased to announce the completion of the first tranche of a non-brokered private placement offering of 3,589,963 flow-through units (“FT Unit”) at a price of $0.30 per FT Unit of the Company (the “Financing”) for gross proceeds of $1,076,989.95.

Each FT Unit consists of one common share to be issued as a “flow-through share” and one-half (½) purchase warrant (a “Warrant”) with each whole Warrant entitling the holder to purchase one common share at a price of $0.45 for a period of two (2) years from the closing date.

Graycliff intends to use the net proceeds from the Financing to expand its current exploration program at the Company’s Shakespeare Project in Ontario, Canada, and to initiate surface sampling and airborne geophysics at the adjacent Baldwin Project.

“With the completion of this flow-through financing, Graycliff is planning to expand its exploration program at Shakespeare. In the new year we will begin to drill-test priority targets to the east and to the west of the Miller Shaft along our mineralized corridor. Phase Three drilling is still progressing, and we anticipate initial assay results shortly,” commented James Macintosh, President and CEO.

In connection with the Financing, the Company expects to pay (i) a cash commission equal to 7% of the aggregate proceeds sourced by the finder and (ii) finder’s warrants (the “Finder’s Warrants”) in an amount equal to 7% of the aggregate number of FT Units sourced by the finder. Each Finder’s Warrant is exercisable for one common share at a price of $0.30 and will expire two (2) years from the closing date.

The participation by one of the directors of the Company in the Financing constitutes a “related party transaction” pursuant to Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company intends to rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in section 5.5(b) and Section 5.7(1)(b) of MI 61-101, respectively, on the basis that no securities of the Company are listed or quoted on any of the markets specified in Section 5.5(b) of MI 61-101 and the fair market value of the securities issued to related parties pursuant to the Financing, does not exceed $2,500,000, along with the other applicable circumstances contained in section 5.7(1)(b) of MI 61-101.

All securities issued pursuant to this Financing with be legended with a hold period of four months and one day from the date of issuance.

About Graycliff Exploration Limited

Graycliff Exploration is a mineral exploration company focused on its 1,025 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. Graycliff’s Baldwin Project is adjacent to the east and is comprised of 68 claims covering 1,500 hectares. This brings the Company's total land package in the area to 2,525 hectares. The two projects together could be the beginning of a new Ontario Gold Camp.

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