Core Viewpoint - Graycliff Exploration Limited successfully closed a private placement, raising gross proceeds of $440,000 through the issuance of 4,400,000 common shares, aimed at improving its financial position and supporting ongoing exploration activities [1][5]. Financing Details - The private placement included $113,000 in new equity financing and $327,000 in debt settlements for common shares [2]. - All securities issued are subject to a four-month hold period and applicable resale rules, with no finder's fees paid [2]. Related Party Transaction - The offering is classified as a related party transaction, with insiders subscribing for 2,220,000 common shares [3]. - The company is relying on exemptions from certain requirements of Multilateral Instrument 61-101 due to financial challenges [3]. Shareholder Changes - Following the offering, Arndt Roehlig will hold 1,500,000 common shares, representing approximately 17.04% of the issued shares on an undiluted basis [4]. Company Overview - Graycliff Exploration is focused on mineral exploration, particularly on its 1,468 hectares of land near Sudbury, associated with the historic Shakespeare Gold Mine [6]. - The company has drilled over 12,500 meters at the Shakespeare project, identifying visible gold in multiple holes [6].
Graycliff Exploration Provides Update on Private Placement