Grizzly Announces Extension to Private Placement
Grizzly Announces Extension to Private
Placement
Edmonton, Alberta--(Newsfile Corp. - July 19, 2024) -
Grizzly Discoveries Inc. (TSXV: GZD) (FSE:
G6H) (OTCQB: GZDIF) ("Grizzly" or the "Company")
announces an extension to the private
placement (the "Offering") of Units and Flow-Through Units originally announced on June 20, 2024.
The
Offering is for aggregate gross proceeds of $1,000,000 if fully subscribed.
The Offering consists of up to
16,666,668 Units and up to an additional 16,666,668 in any combination of Units or Flow-Through Units,
at a price of $0.03 per Unit and Flow-Through Unit (each as defined below).
Each Unit shall consist of one common share of the Company ("Common Share") and one non-
transferrable common share purchase warrant ("Warrant") entitling the warrant holder to purchase an
additional Common Share for $0.05 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 CA$0.10 per Common Share for 10
consecutive trading days; and (b) 24 months from the date of issuance.
Each Flow-Through Unit shall
consist of one Common Share and one half of one Warrant, each of which shall be issued as a "flow
through share" for the purposes of the
Income Tax Act
(Canada).
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, as follows:
Mineral Property Exploration
Drill Exploration Program
$ 500,000
Other
$ 100,000
$ 600,000
Mineral Rights and Permits
$ 105,000
Corporate Overhead
Management fees to Officers
$ 72,000
(6 months)
Other Corporate Overhead
$ 213,000
$ 285,000
General working capital
$ 10,000
$ 1,000,000
There is no minimum to the Offering.
If the Company closes on less than the maximum proceeds, the use
of proceeds will be adjusted.
In the case that the Offering is over-subscribed, the Company may increase
the size of the Offering by an additional 10%, with any remaining over-subscribed amount allocated pro-
rata to all subscribers.
In connection with the Offering, the Company may pay finders fees payable in any combination of cash
and warrants with terms equivalent to the Warrants, to registered broker dealers, limited market dealers
or arm's length persons in accordance with the policies of the TSX Venture Exchange (the "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 by the 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 approximately 72,700 ha (approximately 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, who have a track record of advancing
exploration projects from early exploration stage through to feasibility stage.
On behalf of the Board,
GRIZZLY DISCOVERIES INC.
Brian Testo, CEO, President
For further information, please visit our website at
www.grizzlydiscoveries.com
or contact:
Nancy Massicotte
Corporate Development
Tel: 604-507-3377
Email:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Caution concerning forward-looking information
This press release contains "forward-looking information" and "forward-looking statements" within the
meaning of applicable securities laws. This information and statements address future activities,
events, plans, developments and projections. All statements, other than statements of historical fact,
constitute forward-looking statements or forward-looking information. Such forward-looking information
and statements are frequently identified by words such as "may," "will," "should," "anticipate," "plan,"
"expect," "believe," "estimate," "intend" and similar terminology, and reflect assumptions, estimates,
opinions and analysis made by management of Grizzly in light of its experience, current conditions,
expectations of future developments and other factors which it believes to be reasonable and relevant.
Forward-looking information and statements involve known and unknown risks and uncertainties that
may cause Grizzly's actual results, performance and achievements to differ materially from those
expressed or implied by the forward-looking information and statements and accordingly, undue
reliance should not be placed thereon.
Risks and uncertainties that may cause actual results to vary include but are not limited to the
availability of financing; fluctuations in commodity prices; changes to and compliance with applicable
laws and regulations, including environmental laws and obtaining requisite permits; political,
economic and other risks; as well as other risks and uncertainties which are more fully described in
our annual and quarterly Management's Discussion and Analysis and in other filings made by us with
Canadian securities regulatory authorities and available under the Company's SEDAR+ profile at
www.sedarplus.ca. Grizzly disclaims any obligation to update or revise any forward-looking information
or statements except as may be required by law.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES
DESCRIBED HEREIN
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