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FINWIRES

Graycliff Exploration to Raise $2.8 Million Via LIFE Financing

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Graycliff Exploration (GRAY.CN) launched a non-brokered private placement offering of up to 8-million units at $0.35 apiece, for up to $2.8 million, it said on Tuesday.

Each unit will consist of one common share and one-half of one common share purchase warrant. Each warrant will entitle the holder to buy a share for $0.55 for a one-year period from the date of issuance, provided the warrants may not be exercised for a period of 60 days from the date of issuance.

Proceeds will be used to advance exploration activities at its Shakespeare property, as well as for general corporate purposes and administrative expenses. The offering is scheduled to close on or about June 30.

Shares of the company were last seen up 6.8% at $0.395 on the Canadian Securities Exchange.

Price: $0.40, Change: $+0.03, Percent Change: +6.76%

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