Graycliff Exploration Limited announced a non-brokered private placement of up to 3,250,000 units at a price of CAD 0.20 per unit for gross proceeds of up to CAD 650,000 on July 12, 2022. Each unit will consist of one common share and one non-transferable common share purchase warrant. Each Warrant will entitle the holder to purchase one additional common share at a price of CAD 0.30 for a period of 36 months from the date of issue.

On the same date, the company issued 2,950,000 units for gross proceeds of CAD 590,000 in its first tranche closing. The Company will pay a cash finders' fee of CAD 32,000 and issue 160,000 finders' warrants, representing 8% cash and 8% finder's warrants. Completion of the private placement and payment of any finders' fees remain subject to the receipt of all necessary regulatory approvals, including approval of the Canadian Securities Exchange. In accordance with applicable Canadian securities laws, all securities issued pursuant to the private placement will have a hold period of four months and one day from the date of issuance.