Grayd Announces Closing of $6.0 Million Private Placement Financing
November 17 2010 - 10:09AM
PR Newswire (Canada)
VANCOUVER, Nov. 17 /CNW/ -- /THIS NEWS RELEASE IS NOT FOR
DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES/ VANCOUVER, Nov. 17 /CNW/ - Grayd Resource
Corporation ("Grayd" or the "Company") (TSX-V:GYD) is pleased to
announce that it has closed the private placement equity financing
previously announced on October 26, 2010 (the "Offering") with a
syndicate of agents led by Canaccord Genuity Corp. and including
Macquarie Capital Markets Canada Ltd. and Desjardins Securities
Inc. (the "Agents"). The Company has issued 4,800,000 common
shares at a price of $1.25 per common share for gross proceeds of
$6,000,000. The Agent received a commission of 6% of the gross
proceeds raised through the Offering, which was paid in a
combination of cash and common shares, and non-transferable
warrants ("Broker Warrants") equal to 5% of the common shares
issued through the Offering. The Agents elected to receive
their commission in the form of 90,720 common shares and $246,000
in cash. Each Broker Warrant shall be exercisable to acquire
one common share of the Company at an exercise price of $1.25 per
common share for a period of 18 months from closing of the
Offering. The Agents also received a corporate finance fee of
30,000 common shares. Securities issued under the Offering
are subject to a hold period which will expire four months and one
day from the date of closing, being March 18, 2011. 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. 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. Except as required by applicable securities laws, the
Company does not update forward-looking statements continually as
conditions change. pMarc A. Prefontaine - President and CEO Tel:
(604-681-7446) or ua
href="http://www.grayd.com"www.grayd.com/a/u./p
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