Graycliff Exploration Announces Early Conversion of its Convertible Debentures
Graycliff Exploration Limited (OTCQB: GRYCF) announced the early conversion of $530,000 in convertible debentures issued in September 2020. Strategic shareholders opted to convert their debentures into 905,961 common shares, which includes 22,628 shares for accrued interest. This conversion eliminates the company's debt, enhancing its financial position. The debentures were originally convertible at $0.60 per share and were set to mature on September 24, 2022. Graycliff focuses on mineral exploration in Canada.
- Early conversion of $530,000 convertible debentures improves the company's financial position.
- Issuance of 905,961 common shares increases equity without incurring debt.
- None.
TORONTO, ON / ACCESSWIRE / April 6, 2021 / Graycliff Exploration Limited (the "Company" or "Graycliff") (CSE:GRAY)(OTCQB:GRYCF)(FSE:GE0) is pleased to announce that it received notice of conversion pertaining to convertible debentures issued in September 2020 (the "Financing") (See Press Release dated September 25, 2020).
Both strategic shareholders from the Financing have informed the Company they are converting their Debentures into Graycliff common shares ahead of the maturity date.
The Financing was comprised of
As a result of the early conversion, the Company has issued 905,961 common shares, including 22,628 common shares that were issued for the accrued interest on the Debentures. The Company now has no debt.
About Graycliff Exploration Limited
Graycliff Exploration is a mineral exploration company focused on its 945 hectares of prospective ground, located roughly 80 kilometres west of Sudbury on the prolific Canadian Shield. The Company's Shakespeare Project consists of one crown patented lease, two crown leases and 40 claims on a property associated with the historic Shakespeare Gold Mine, which operated from 1903 to 1907.
For more information, contact investor relations at investors@graycliffexploration.com
On Behalf of the Board of Directors,
James Macintosh
President and CEO
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward-looking information is based on are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
SOURCE: Graycliff Exploration Ltd.
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