Grayd Resource (GYD-V) has arranged a non-brokered private placement of 1.03 million units at $1.50 each, for proceeds of $1.5 million.
Each unit will consist of one common share and one-half of a non-transferable warrant, with each whole warrant redeemable for an additional share at $1.50 for a period of one year.
The funding will boost Grayd’s working capital position to approximately $6 million. The company is scheduled to begin drilling on its Alaskan properties in late May, beginning with the Dry Creek and Anderson Mountain massive sulphide properties. A total of 45,000 ft. of exploration drilling has been planned for five of Grayd’s Alaskan properties.
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