Is the bolt accessible from the outside? It looks like it might be based upon the non drive side. If so, drill from that side and you will probably find that the drilling process unscrews it. If not and you drill it right through, then you can get the easy out in and use a small adjustable wernch to extract. Pretty small bolt to have drill out though.
Best thing ever. You do not need a drill. Take a pair of pliers and clamp them onto the grabit. Use as per instructions and remove the screw, takes 2 minutes max, no drilling, messing up your frame, no dremel, etc.
I have a full set in my race toolbox and they are a lifesaver.