05:10:40 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Grizzly Discoveries Inc
Symbol GZD
Shares Issued 61,230,409
Close 2018-07-23 C$ 0.085
Market Cap C$ 5,204,585
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Grizzly Discoveries closes final tranche of financing

2018-07-24 19:42 ET - News Release

Mr. Brian Testo reports

GRIZZLY ANNOUNCES CLOSING OF SECOND AND LAST TRANCHE OF PRIVATE PLACEMENT

Grizzly Discoveries Inc. has closed on the second and final tranche of a private placement for additional gross proceeds of $10,000.

On July 24, 2018, the company closed on an additional 100,000 flow-through (FT) units (as described below) at a price of 10 cents per FT unit for gross proceeds of $10,000. Each FT unit sold consisted of one common share of the company issued as a flow-through share pursuant to the Income Tax Act (Canada) and one-half of one warrant. Each second tranche warrant entitles the holder to acquire an additional share for an exercise price of 12 cents and expires on the earlier of: (a) 30 days following the issuance of a news release by the corporation that the trading price of the common shares on the TSX Venture Exchange is at or greater than 18 cents per common share for 10 consecutive trading days; and (b) July 25, 2020.

In total, the two tranches of the private placement on July 19, 2018, and July 24, 2018, resulted in the issuance of an aggregate 562,500 non-flow-through (NFT) units and 200,000 FT units for total gross proceeds of $65,000. The issuance of flow-through shares included in the FT units obligates the company to incur approximately $20,000 in expenditures qualifying as Canadian exploration expenditures (CEE) in accordance with the Income Tax Act. Grizzly expects to renounce CEE expenditures as at Dec. 31, 2018, to the purchasers of the FT units.

All of the shares and any additional shares issuable upon the exercise of warrants are subject to a holding period of four months and one day in accordance with the policies of the TSX Venture Exchange. The closing of the placement is subject to final acceptance by the TSX Venture Exchange.

About Grizzly Discoveries Inc.

Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange with 62 million shares issued, focused on developing its precious and base metals properties in southeastern British Columbia, along with significant potash assets in Alberta. The company holds over 180,000 acres of precious base metal properties at its Greenwood project; additionally, Grizzly holds 9,891 acres with Co-Cu-Ag (cobalt-copper-silver) mineralization at its Robocop property, both located in southeastern British Columbia. The company also holds more than 160,000 acres of properties which host diamondiferous kimberlites in the Buffalo Head Hills region of Alberta; and metallic and industrial mineral permits for potash totalling more than 60,000 acres along the Alberta-Saskatchewan border.

The content of this news release and the company's technical disclosure has been reviewed and approved by Michael B. Dufresne, MSc, PGeol, who is the qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

We seek Safe Harbor.

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