If you've managed to shear it, I doubt that wd40 and grips will work, may even make things worse.
Personally, if you have access to them, I would drill the bolt and use a stub extractor, or drill the bolt out using a slightly smaller sized drill and then calapse the remainder out.
Good luck and be careful.
P.s. Don't use any old bolt of the right size to replace it, get a pukka one.