Grayd Announces $5.0 Million Private Placement Financing
October 26 2010 - 8:12AM
PR Newswire (Canada)
VANCOUVER, Oct. 26 /CNW/ -- /THIS NEWS RELEASE IS NOT FOR
DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES/ VANCOUVER, Oct. 26 /CNW/ - Grayd Resource
Corporation ("Grayd" or the "Company") (TSX-V:GYD) is pleased to
announce that it has entered into an agreement with a syndicate of
agents led by Canaccord Genuity Corp. and including Desjardins
Securities Inc. (the "Agents"), to sell up to 4,000,000 common
shares (the "Common Shares") on a private placement commercially
reasonable efforts basis at a price of $1.25 per Common Share for
aggregate gross proceeds of $5,000,000 (the "Offering"). In
addition, the Company will grant the Agents an over-allotment
option, exercisable prior to the closing of the Offering, to
purchase from the Company up to an additional 20% of the Common
Shares issued through the Offering, at the same price as is
applicable to the Offering. The Agents will receive a cash
commission of 6% of the proceeds raised through the Offering and
warrants ("Broker Warrants") equal to 5% of the Common Shares
issued through the Offering. Each Broker Warrant shall be
exercisable to acquire one Common Share of the Company at an
exercise price of $1.25 per share for a period of 18 months from
closing. The funds raised from the issuance of the Common Shares
shall be used to fund on-going work programs on the Company's La
India project and for general working capital purposes. The
Offering is scheduled to close on or about November 17, 2010 and is
subject to certain conditions including, but not limited to,
receipt of all required regulatory approvals. The securities issued
by the Company in connection with this Offering are subject to a
4-month "hold period" as prescribed by the TSX Venture Exchange and
applicable securities laws. ABOUT GRAYD RESOURCE CORPORATION Grayd
Resource Corporation is a growth-oriented junior natural resource
company focused primarily on exploring and developing a large land
position in Mexico which is highly prospective for gold and silver
mineralization. The Company's Officers and Directors are
experienced in all aspects of mineral exploration, development and
production and have been involved with several successful mining
projects during the past 20 years. The TSX Venture Exchange has
neither approved nor disapproved of the information contained
herein. The information in this news release may contain
forward-looking statements. When used in this release, words such
as "estimate", "expect", "anticipate" and "believe" as well as
similar expression are intended to identify forward-looking
statements. Such statements are used to describe management's
future plans, objects, and goals for the Company and therefore
involve inherent risks and uncertainties. The reader is cautioned
that actual results, performance or achievements may be materially
different from those implied or expressed in such statements, which
speak only as of the date the statements were made. The Company
does not update forward-looking statements continually as
conditions change. Marc A. Prefontaine - President and CEO, Tel:
(604-681-7446) or www.grayd.com
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