Grizzly Announces Private Placement FOR Drilling at Its GOLD Project Near Greenwood, British Columbia

Suite 363, 9768 170 Street NW,

Edmonton, Alberta, Canada T5T 5L4

Tel: 780-693-2242 Fax: 888-849-5590

TSXV: GZD

OTCQX: GZDIF

Frankfurt: G6H

JUNE 24, 2020

GRIZZLY ANNOUNCES PRIVATE PLACEMENT FOR DRILLING AT ITS GOLD PROJECT NEAR GREENWOOD,

BRITISH COLUMBIA

EDMONTON, ALBERTA – June 24, 2020 -- Grizzly Discoveries Inc. (TSX-V: GZD; OTCQX: GZDIF; Frankfurt:

G6H) ("Grizzly" or the "Company") is pleased to announce a private placement (the "Private Placement")

of up to 16,000,000 Units (as defined below) at a price of $0.05 per Unit, and up to 4,000,000 FT Units (as

defined below) at a price of $0.05 per FT Unit, for aggregate gross proceeds of up to $1,000,000. Each

Unit consists of one common share of the Company (“Common Share”) and one non-transferable warrant

with each Warrant entitling the hol der to acquire one additional Common Share at an exercise price of

$0.075 per Common Share until the earlier of : (a) 30 days following the issuance of a news release by

the Company that the trading price of the Common Shares on the TSX Venture Exchange i s at or greater

than $0.12 per Common Share for 10 consecutive trading days; and (b) 24 months from the date of

issuance (“Warrant”). Each FT Unit consists of one Common Share issued as a flow-through share for the

purposes of the Income Tax Act (Canada) and one half of one Warrant.

The Private Placement is being offered to qualified subscribers in the Provinces of Alberta, British

Columbia, Ontario, and in other such jurisdictions in reliance upon exemptions from the registration and

prospectus requirements of applicable securities legislation.

In connection with the Private Placement, where permitted by applicable securities legislation, any Units

sold to purchasers referred to the Company by registered broker dealers, limited market dealers, or other

eligible arm’s length persons (individually, a “Finder”) may result in a cash commission in an amount equal

to 7% of the gross proceeds of the Units and FT Units sold to such referred purchasers (“Finder fees”), to

be paid out of the g ross proceeds of Units to the Finder at closing. As additional consideration, the

Company may issue to the Finder Common Share purchase warrants (the “Finder Warrants”) entitling the

Finder to purchase an additional number of Common Shares equal to 7% of the aggregate number of Units

and FT Units sold by the Finder in the Private Placement, on the same terms as the Warrants. Subject to

regulatory approval, each Finder Warrant will be exercisable to acquire one common share at $0.075 for

a period of 24 months after the Closing Date, subject to the Acceleration.

The net proceeds from the sale of the Units will be used for general corporate and working capital

purposes, and the proceeds from the sale of FT Units will be used to incur Canadian exploration expenses

as defined in the Income Tax Act (Canada). All Common Shares issued under the Private Placement and

any Common Shares issuable upon exercise of Warrants will be subject to a four month hold period from

the date of closing of the Private Placement in accordance with applicable laws and regulations.

The Private Placement , Finder fees, and Finder Warrants are subject to acceptance of the TSX Venture

Exchange. The Private Placement securities have not been and will not be registered under the U.S.

Securities Act of 1933, as amended (the "1933 Act"), or under any state securities laws, and may not be

offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or

benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable

exemption from the registration requirements. This news release does not constitute an offer to sell or

a solicitation to buy such securities in the United States.

2

ABOUT GRIZZLY DISCOVERIES INC.

Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture

Exchange with 67.1 million shares issued, focused on developing its precious and base metals properties

in southeastern British Columbia. The Company holds, or has an interest in, over 156,000 acres of precious

metal properties in southeastern British Columbia.

On behalf of the Board,

Grizzly Discoveries Inc.

Brian Testo

CEO, President

(780) 693-2242

For further information, please visit our website at www.grizzlydiscoveries.com or contact:

Jim Greig

Corporate Development

Tel: 778-788-2745

Email: [email protected]

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.

NOT FOR DISSEMINATION IN THE UINITED STATES OF AMERICA