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Graycliff Exploration Raises C$687,560 Via First Tranche of LIFE Financing

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Graycliff Exploration (GRAY.CN) closed the first tranche of its non-brokered private placement offering of up to 8-million units at C$0.35 apiece, raising C$687,560, it said on Thursday.

The first tranche consists of 1.96-million units. Each unit consists of one common share and one-half of one common share purchase warrant, with each warrant entitling its holder to buy a share for C$0.55 for a period of one year from the date of issuance.

"The Company intends to use the proceeds of this offering to begin exploration activities at our Shakespeare Gold Project in Sudbury and for corporate purposes", said Graycliff Chairman James Macintosh.

Shares of the company were last seen down 1.5% at C$0.32 on the Canadian Securities Exchange.

Price: $0.32, Change: $-0.01, Percent Change: -1.54%

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