Graycliff Closes First Tranche of LIFE Financing

Graycliff Exploration Limited (CSE: GRAY) (OTCQB: GRYCF) (FSE: GE0) is pleased to announce it has closed the first tranche of its previously announces non-brokered private placement offering (the " Offering ") of up to 8,000,000 units of the Company (" Units ") at a price of $0.35 per Unit. The first tranche consists of 1,964,457 units for aggregate gross proceeds of $687,560. Each Unit consists of one common share in the capital of the Company (a " Share ") and one-half of one (1/2) common share purchase warrant of the Company (each whole warrant, a " Warrant "). Each Warrant entitles its holder to acquire one additional Share at an exercise price of $0.55 for a period of twelve (12) months from the date of issuance; the Warrants may not be exercised for a period of 60 days from the date of issuance. "The Company intends to use the proceeds of this Offering to begin exploration activities at our Shakespeare Gold Project in Sudbury and for corporate purposes", stated James Macintosh, Chairman. Subject to compliance with applicable securities laws and Canadian Securities Exchange policies, the Company paid eligible finders $57,000, a fee equal to 8% of the cash proceeds received from the sale of the Units payable in cash and issued 162,880 Warrants (the " Finder Warrants ") equal to 8% of the aggregate number of Units issued. The Finder Warrants have the same terms as the Warrants. The Units were issued on a private placement basis pursuant to the Listed Issuer Financing Exemption under Part 5A of National Instrument 45-106 - Prospectus Exemptions (" NI 45-106 "), as amended and supplemented by Coordinated Blanket Order 45-935 - Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the " LIFE Exemption "). Subject to compliance with applicable regulatory requirements and in accordance with NI 45-106, the Units sold under the Offering pursuant to the LIFE Exemption will be offered to purchasers resident in each of the provinces and territories of Canada, except Québec, and such securities are expected to be immediately freely tradeable and will not be subject to a hold period under applicable Canadian securities laws. There is an offering document (the " Offering Document ") related to the Units issuable pursuant to the LIFE Exemption that can be accessed under the Company's profile at www.sedarplus.ca and on the Company's website at https://graycliffexploration.com/ . Prospective investors should read the Offering Document before making an investment decision. The securities being offered have not been registered under the U.S. Securities Act and may not be offered or sold in the United States, or to, or for the account or benefit of, U.S. persons or persons in the United States, absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful. Graycliff Exploration is a mineral exploration company focused on its 1,366 hectares of prospective ground, located roughly 88 km west of Sudbury on the prolific Canadian Shield. The Company's Shakespeare Project consists of one crown patented lease, two crown leases and 82 claims on a property that includes the historic Shakespeare Gold Mine, which operated from 1903 to 1907. Graycliff to date has drilled over 12,900 metres, with visible gold mineralization and significant gold assay intervals in numerous drill holes.