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Graycliff Exploration Limited (CSE: GRAY,OTC:GRYCF) (OTC Pink: GRYCF) (FSE: GE0) (the "Company" or "Graycliff") is pleased to announce that it intends to complete a non-brokered private placement (the "Offering") of up to 5,000,000 units (each, a "Unit") at $0.12 per Unit, for gross proceeds of up to $600,000. Each Unit will be composed of one (1) common share (a "Share") of the Company and one half of one (12) common share purchase warrant (each whole warrant, a "Warrant"), each Warrant to be exercisable at $0.18 per Share for one year from issuance.
The Company intends to use the net proceeds from the Offering for general working capital and interpretation work on its recently acquired Shakespeare gold project geological data. The Company may pay finder's fees of 10% in cash.
The securities proposed to be issued pursuant to the Offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Graycliff Exploration Limited
Graycliff Exploration is a mineral exploration company focused on its 1,468 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. Graycliff to date has drilled over 12,500 metres at Shakespeare, with visible gold identified in a significant number of holes.
On Behalf of the Board of Directors,
James Macintosh
Chairman
For more information, please contact the Company at: jm@graycliffexploration.com or (416) 271 8300.
Cautionary Note Regarding Forward-Looking Information: This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to: the Offering and the intended use of proceeds therefrom. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to: the risk that the Offering may not be completed on the terms announced or at all; the risk that the net proceeds from the Offering may not be used as announced; general economic conditions; fluctuations in commodity prices; regulatory approvals and requirements; environmental and permitting risks; title risks; and other factors beyond the Company's control. The Company does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. Accordingly, readers should not place undue reliance on forward-looking information.
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release
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DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/286521
