VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 6, 2016) - Gray Rock Resources Ltd. (TSX VENTURE:GRK) (the "Company") is pleased to announce that it has received the approval of the disinterested shareholders to complete a non-brokered private placement of 2,500,000 units at a price of $0.02 per unit with David Wolfin, the President and Chief Executive Officer and a director of the Company, for gross proceeds of $50,000.
Prior to the Offering, Mr. Wolfin controls, directly or indirectly, 19.02% of the total issued shares, or 27.59% on a fully diluted basis. Subsequent to this Offering, Mr. Wolfin will control 32.48% of the total issued shares, or 42.10% of the total issued shares on a fully diluted basis.
The offering was initially announced on April 27, 2016. Each unit consists of one common share and one non-transferrable share purchase warrant. Each warrant will entitle the investor to purchase one additional common share at $0.05 for a term of two (2) years expiring on July 6, 2018.
The securities issued under this private placement are subject to a four month and one day hold period, expiring on November 6, 2016.
No commissions or fees are payable in connection with this financing. The net proceeds of this Offering will be used to maintain the Company's existing operations and general working capital requirements.
For further information contact Gray Rock Resources Ltd. at (604) 682-3701, or log onto our website at www.grayrockresources.com.
ON BEHALF OF THE BOARD
David Wolfin
President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This release contains statements that are forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.