Grayd Announces $5.0 Million Private Placement Financing

VANCOUVER, Oct. 26 /CNW/ -- /THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

 VANCOUVER, Oct. 26 /CNW/ - Grayd Resource Corporation ("Grayd" or the "Company") (TSX-V:GYD) is pleased to announce that it has entered into an agreement with a syndicate of agents led by Canaccord Genuity Corp. and including Desjardins Securities Inc. (the "Agents"), to sell up to 4,000,000 common shares (the "Common Shares") on a private placement commercially reasonable efforts basis at a price of $1.25 per Common Share for aggregate gross proceeds of $5,000,000 (the "Offering").
In addition, the Company will grant the Agents an over-allotment option, exercisable prior to the closing of the Offering, to purchase from the Company up to an additional 20% of the Common Shares issued through the Offering, at the same price as is applicable to the Offering.
The Agents will receive a cash commission of 6% of the proceeds raised through the Offering and warrants ("Broker Warrants") equal to 5% of the Common Shares issued through the Offering. Each Broker Warrant shall be exercisable to acquire one Common Share of the Company at an exercise price of $1.25 per share for a period of 18 months from closing.
The funds raised from the issuance of the Common Shares shall be used to fund on-going work programs on the Company's La India project and for general working capital purposes.
The Offering is scheduled to close on or about November 17, 2010 and is subject to certain conditions including, but not limited to, receipt of all required regulatory approvals. The securities issued by the Company in connection with this Offering are subject to a 4-month "hold period" as prescribed by the TSX Venture Exchange and applicable securities laws.

ABOUT GRAYD RESOURCE CORPORATION

Grayd Resource Corporation is a growth-oriented junior natural resource company focused primarily on exploring and developing a large land position in Mexico which is highly prospective for gold and silver mineralization. The Company's Officers and Directors are experienced in all aspects of mineral exploration, development and production and have been involved with several successful mining projects during the past 20 years.

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

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.




Marc A. Prefontaine - President and CEO, Tel: [phone]) or www.grayd.com

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