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Graycliff Exploration Closes Flow-Through Private Placement
Fully funded for an expanded 2022 exploration program TORONTO, ON / ACCESSWIRE / December 8, 2021 / Graycliff Exploration Limited (the " Company " or " Grayclif
About this update from Graycliff Exploration Limited
[{"type":"text","content":" Fully funded for an expanded 2022 exploration program TORONTO, ON / ACCESSWIRE / 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 ...