Mr. Brian Testo reports
GRIZZLY ANNOUNCES PRIVATE PLACEMENT
Grizzly Discoveries Inc. has arranged a private placement offering of units and flow-through units for gross proceeds of up to $1-million if fully subscribed.
Private placement offering
The offering consists of up to 7,142,856 units and up to 21,428,574 of any combination of units and FT units.
Each unit shall consist of one common share of the company and one common share purchase warrant entitling the warrant holder to purchase an additional common share for 5.5 cents and expiring on the earlier of a) 30 days following written notice by the company to the warrant holder that the volume-weighted average trading price of the common shares on the TSX Venture Exchange is at or greater than 10 cents per common share for 10 consecutive trading days; and (b) 60 months (five years) from the date of issuance.
Each FT unit shall consist of one common share and one half of one common share purchase warrant, each of which shall be issued as a "flow-through share" for the purposes of the Income Tax Act (Canada). Each whole FT unit warrant shall entitle the holder to purchase an additional common share for 5.5 cents and expiring on the earlier of a) 30 days following written notice by the company to the warrant holder that the volume-weighted average trading price of the common shares on the TSX Venture Exchange is at or greater than 10 cents per common share for 10 consecutive trading days; and (b) 36 months (three years) from the date of issuance.
The units and the FT units are being offered at 3.5 cents per unit or FT unit. The offering is being offered to qualified subscribers in the provinces of Alberta, British Columbia and Ontario and in other jurisdictions as the company may in its discretion determine, in reliance upon exemptions from the registration and prospectus requirements of applicable securities legislation.
The company intends to use the proceeds of the offering, if fully subscribed with the maximum of 21,428,574 FT units and 7,142,856 units, as seen in the table.
Mineral property exploration $ 750,000
Mineral rights and exploration permits 50,000
Working capital Outstanding management fees to officers 12,000
Corporate overhead Management fees to officers $ 48,000
(Est. to July 31 2026) Other corporate overhead 140,000 188,000
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Maximum proceeds $ 1,000,000
There is no minimum to the offering. If the company closes on less than the maximum proceeds, or if the proportion of units and FT units differs from the above, the use of proceeds will be adjusted.
In connection with the offering, the company may pay finders' fees payable in any combination of cash, units and warrants to registered broker dealers, limited market dealers or arm's-length persons in accordance with the policies of the TSX Venture Exchange and applicable securities legislation and regulations. The common shares and any common shares issued on exercise of the warrants are subject to restrictions on trading until four months and one day from the date of issuance in accordance with the policies of the exchange.
The offering is subject to acceptance of 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 focused on developing its 72,700 hectares (180,000 acres) of precious and base metals properties in southeastern British Columbia. Grizzly is run by a highly experienced junior resource sector management team that have a record of advancing exploration projects from early exploration stage through to feasibility stage.
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