Grey Island Systems International Inc.

Grey Island Systems International Inc.

March 14, 2005 11:15 ET

Grey Island Announces Proposed Financing Terms


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: GREY ISLAND SYSTEMS INTERNATIONAL INC.

TSX VENTURE SYMBOL: GIS

MARCH 14, 2005 - 11:15 ET

Grey Island Announces Proposed Financing Terms

TORONTO, ONTARIO--(CCNMatthews - March 14, 2005) - Further to its press
release dated February 15, 2005, Grey Island Systems International Inc.
("Grey Island") (TSX VENTURE:GIS) announces that it has engaged as agent
Paradigm Capital Inc. and sub-agent Standard Securities Inc. for a
private placement financing of approximately $5,000,000. Pursuant to the
financing, Grey Island will issue approximately 15,000,000 Units, at a
price of $0.30 per Unit. Each Unit consists of one Common Share ("Common
Share") and one-half of one Common Share purchase warrant (each whole
warrant "Warrant"). Each Warrant will entitle the holder to acquire one
Common Share at an exercise price of $0.40 per share for a period of two
years from the closing date of the private placement. The transaction is
expected to close on or about March 24, 2005.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Grey Island Systems International Inc.
    Owen Moore
    (416) 348-9991
    (416) 348-9993 (FAX)
    information@interfleet.com
    THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
    RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.