Graycliff Exploration arranges $600,000 financing

Executive Summary

• Graycliff Exploration Ltd. announced a non-brokered private placement of up to 5 million units at $0.12 per unit, raising up to $600,000 in gross proceeds.
• Each unit consists of one common share and a half warrant exercisable at $0.18 per share for one year.
• Net proceeds will be used for general working capital and geological data interpretation for the Shakespeare gold project.

Key Details

• Transaction Structure: Non-brokered private placement.
• Units Offered: Up to 5,000,000 units.
• Price: $0.12 per unit.
• Gross Proceeds: Up to $600,000.
• Unit Composition: Each unit comprises one common share and one-half of one common share purchase warrant.
• Warrant Terms: Exercisable at $0.18 per share; valid for one year from issuance.
• Use of Proceeds: General working capital and interpretation work on geological data for the Shakespeare gold project.
• Finders' Fees: The company may pay finders' fees of 10% in cash.
• Company Assets: 1,468 hectares of ground located ~80 km west of Sudbury on the Canadian Shield.
• Project History: Shakespeare project includes one Crown patented lease, two Crown leases, and 40 claims associated with the historic Shakespeare gold mine.
• Drilling History: Over 12,500 metres drilled at Shakespeare, with visible gold identified in a significant number of holes.