Grayd Resource Corporation
TSX VENTURE : GYD

Grayd Resource Corporation

February 17, 2009 08:30 ET

Grayd Announces Non-Brokered Private Placement and Amendment of Warrant Terms

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 17, 2009) - Grayd Resource Corporation (TSX VENTURE:GYD) announces that it has negotiated a non-brokered private placement of 8,065,000 units at a price of $0.40 per unit. Each unit will consist of one common share in the capital of Grayd and one-half of a share purchase warrant. Each full warrant will entitle the holder thereof to purchase one additional share of Grayd at a price of $0.60 per share for a one year period following closing. Gross proceeds from the private placement totaling $3,226,000 will be used by Grayd for project generation, related exploration and for general working capital purposes.

Grayd also announces that it has amended the terms of warrants to purchase an aggregate of 2,612,500 common shares in the capital of the Company. The exercise price of the warrants will be reduced from $0.75 per share to $0.60 per share and the expiration date will be extended for a one year period from March 19, 2009 to March 19, 2010. In accordance with TSX Venture Exchange policies, if for any 10 consecutive trading days during the unexpired term of the warrant, the closing price of the Company's shares exceeds $0.75, then a reduced exercise period of 30 days will begin 7 calendar days after the 10th premium trading day.

These transactions are subject to regulatory acceptance.

Grayd Resource Corporation is a natural resource company engaged in the acquisition, exploration and development of mineral resource properties in Mexico.

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.

The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.

Contact Information

  • Grayd Resource Corporation
    Marc A. Prefontaine
    President and CEO
    (604) 681-7446
    (604) 684-9877 (FAX)
    Website: www.grayd.com
    or
    Freeform Communications Inc.
    (604) 288-7222