Graynic to raise $1.1m in share placement

Leederville-based mining company Graynic Metals Ltd has arranged a private placement to raise up to $1.1 million for exploration of its Quartz Circle deposit in the Eastern Pilbara.

Issuing 3.2 million shares at 34c each, the placement will be jointly managed by Argonaut Securities Limited, Patersons Securities Ltd and Melbourne based securities firm Cygnet Capital Limited.

The deal is expected to be finalised by August 23.

The full announcement is pasted below

The directors of Graynic Metals Limited are pleased to announce that the Company has arranged a private placement to raise gross proceeds of up to A$1.1million through the issue of approximately 3,235,294 ordinary fully paid shares in the capital of the Company at a price of A$0.34.

Argonaut Securities Limited, Patersons Securities Ltd and Melbourne based securities firm Cygnet Capital Limited will act as joint managers to the placement. The new shares will be issued pursuant to the "excluded offer" provisions (Section 708) of the Corporations Act. Settlement of the placement is expected to be on or about 23 August 2006.